Mario Draghi has been sworn in as the Italian PM, Reuters reported.

All but one of Italy's main parties have supported Draghi, and his cabinet includes parliamentarians from across the political spectrum, as well as technocrats in key positions, including the finance ministry and a new green transition portfolio.

He has been tasked with developing a plan for Italy's recovery from the pandemic, and should immediately start working on plans to spend more than € 200 billion from European Union funds aimed at recovering the economy.

If he wins, Draghi is likely to strengthen the entire eurozone, which has long been troubled by Italy's perennial problems. Success will also prove to Italy's skeptical northern allies that by offering funds to the poorest south, they will strengthen the entire bloc.

But he faces serious problems. Italy is mired in its worst recession since World War II, hundreds of people still die every day from the coronavirus, the vaccination campaign is slow and he has very little time to deal with it, the news agency notes.

Draghi's government is 67th since 1946 and seventh in just the last decade.