Italian Prime Minister Mario Draghi has resigned on Wednesday after three parties in his coalition government refused to back a confidence vote, with the neofascist party Brothers of Italy celebrating as they appear to move in to take power.

Mario Draghi, who was pushed to the position of Prime Minister in February 2021, during the recovery period of the COVID-19 pandemic, was the former European Central Bank chief who was well-known for his leadership during the eurozone crisis, according to the BBC.

During Draghli’s term, he was able to secure more than US$200 billion worth of funds for post-pandemic recovery from the European Union, and pushed for major fiscal and justice reforms. However, the lack of a stable mandate from his coalition government made the maintenance of his rule unstable, the Guardian reported.

“He thought it was a government of national unity but in fact it was a government of disunity,” former undersecretary Michele Geraci said. “Remember, it started during the Covid emergency. That was the only thing that brought the parties together during the first few months. After that, there was no more common goal.”

Draghli’s lack of political experience and acumen was constantly criticized, and the rise of far-right neofascist party Brothers of Italy, led by Giorgia Meloni, further shook his government up as Meloni plotted for a snap election to rise into the Prime Minister position.

Finally, after populist party Five Star Movement blocked the vote on a US$26 billion cost of living package, Draghli refused to continue as Prime Minister unless they could have a strong, cohesive government to back him. With far-right parties League and Forza Italia refusing to back him in a confidence vote, Draghli tendered his resignation on Wednesday.

“Even central bankers have their hearts touched sometimes. Thank you for all the work done in this period,” he said in the Italian Parliament after he announced his resignation.

“A year ago they told us we were heading for the sewer and were unrealistic,” Meloni said to a crowd after the announcement of Draghli’s resignation. “We’ve had three different governments, three different majorities [since the March 2018 general elections]. Have any worked? No. History has proved us right.”

Meloni is a favorite to win in the upcoming snap elections, which Italy’s President Sergio Mattarella announced to be occurring on Sept. 25, CNN reported.

Italy's Prime Minister Mario Draghi, who was a former banker and chief of the European Central Bank chief, resigned from his position on Wednesday as his coalition government falls apart. Antonio Masiello/Getty Images.

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