Ex-central bank chief Mario Draghi sworn in as Italian president

He is tasked with plotting Italy`s recovery from the pandemic and must immediately set to work on plans for how to spend more than 200 billion euros ($240 billion) in European Union funds aimed at rebuilding the recession-bound economy.

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The Italian president swore in the former chief of the European Central Bank, Mario Draghi, as prime minister on Saturday at the head of a unity government called on to confront the coronavirus crisis and economic slump.All but one of Italy`s major parties have rallied to his side and his cabinet includes lawmakers from across the political spectrum, as well as technocrats in key posts, including the finance ministry and a new green transition portfolio.

He is tasked with plotting Italy`s recovery from the pandemic and must immediately set to work on plans for how to spend more than 200 billion euros ($240 billion) in European Union funds aimed at rebuilding the recession-bound economy.

If he prevails, Draghi will likely bolster the entire eurozone, which has long fretted over Italy`s perenial problems.Success would also prove to Italy`s sceptical northern allies that by offering funds to the poorer south, they will fortify the entire bloc.

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