Italy's new premier reassures over European Union fears

Giuseppe Conte approved as Italian prime minister

‘Government of change’: Euroskeptic coalition’s choice for Italian PM officially approved

The movement said in a statement Tuesday that Conte, a law professor picked to head Italy's first populist government, "had never boasted" of degrees overseas but had "stayed overseas to study, enrich his knowledge and flawless his juridical English".

Political novice Giuseppe Conte, 53, a law professor at the University of Florence, received a mandate last week from President Sergio Mattarella to try to form a viable government out of two rival populist forces, the anti-establishment 5-Star Movement and the right-wing League.

"The President of the Republic has tasked me with the role of forming a government", Conte said to reporters after a almost two-hour meeting with President Sergio Mattarella.

The law professor set to become Italy's next head of government has confirmed the country's place in the European Union and worldwide affairs.

He added, however, that the populists' policy programme, which has been costed at at least €100...

"We all took positive note of the first declarations of the president of the Italian council (of ministers) who committed to respect the European rules", French Economy Minister Bruno Le Maire said.

"I'm preparing now to defend the interests of all Italians in all places, in Europe and internationally", Conte told reporters after holding two hours of talks with Mattarella.

However, a source who has spoken to Mattarella about the eventual government line up, told Reuters the head of state was unhappy about having a eurosceptic as economy minister.

Emerging from Mattarella's office Wednesday, Conte vowed to implement the program, saying Italians were waiting for a "government of change" and that he couldn't wait to get to work to deliver it.

Savona has had high-level experience at the Bank of Italy, in government as industry minister in 1993-94, and with employers' lobby Confindustria.

The main fear is that Italy, a founder member of both the European Union and the euro, is set to irk financial markets and trigger a new eurozone crisis by refusing to stick to public spending and debt targets set by Brussels.

"Italy needs to continue to reduce its public debt which is indeed second highest in the EU after Greece", the European Commission Vice President Valdis Dombrovskis said on Wednesday.

The list of ministerial candidates must then be endorsed by head-of-state President Mattarella before it can seek parliamentary approval.

Tsai said in the statement: "While Mr. Conte had no official status at NYU, he was granted permission to conduct research in the NYU law library.and he invited an NYU law professor to serve on the board of an Italian law journal".

He must now finalise his cabinet, which has been the subject of days of tough negotiations between the anti-establishment Five Star Movement and the far-right League.

"If we have a minister who is not appreciated in Berlin it means he's the right minister".

5-Star Movement leader Luigi Di Maio (L) tapped him before the election for minister of the newly created public administration and simplification portfolio.

The resume says Conte "stayed" at Paris Sorbonne University in 2000 and Cambridge University's Girton College in 2001 for scientific research.

5-Star leader Luigi Di Maio said Mattarella's rejection of Savona was "unacceptable".

Italy's 10-year bond yield, a gauge of political risk, hit a 14-month high, while the cost of insuring exposure to Italian debt rose to a year-high.

Conte has yet to speak out publicly about the affair, but has been staunchly defended by both Di Maio and Salvini.

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