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Italy could be forced to hold new elections after Giuseppe Conte gave up his bid to form a government following the collapse of talks with the president over including a Eurosceptic economy minister in his cabinet.

But the president rejected Conte's candidate to the Economy Ministry, the 81-year-old eurosceptic economist Paolo Savona.

"We are seeing a decent relief rally in European markets, starting with the euro overnight, with the risk of an anti-euro finance minister in Italy being averted", said Commerzbank strategist Michael Leister, though he added it should be put in the context of Friday's heavy sell off in Italian assets.

"The uncertainty over our position has alarmed investors and savers both in Italy and overseas", Mattarella said, adding: "Membership of the euro is a fundamental choice".

He would be a calming choice for the financial markets, who were spooked by Savona's criticism of the euro and German economic policy.

Since the formation of the populist ruling coalition, Italian stocks have lost nearly 9%.

Yields on 10-year Italian government bonds jumped by more than 20 basis points last week.

"The market seems to cheer the news, but I don't share the idea that a caretaker government is that reassuring", Stephane Ekolo, equity strategist at TFS Derivatives, says by phone.

"If there's not the OK of Berlin, Paris or Brussels, a government can not be formed in Italy".

10 2008 shows the 81 hold economist Paolo Savona looking on during a meeting in Rome. Paolo Savona chosen by the Italian populists to be the new finance minister is an eurosceptic economist very critical of Germany who made

Mr Salvini told reporters: "I ask myself, are we a democracy?"

While he had approved all their other ministerial picks, Mattarella said he had the right to block nominations that could harm the country.

Nicknamed "Mr Scissors" for his strict approach to state finances, Cottarelli refused the official vehicle he was entitled to when he was appointed commissioner for a review of public spending in 2013 under then-premier Enrico Letta. Macron phoned him on Saturday to wish him "the best for the government that is about to be formed", Conte said in a Facebook post. No time was given for the meeting.

The League and 5-Star have said Savona should not be judged on his opinions, but on his credentials.

After winning elections in 1994, the media magnate, who was already in the crosshairs of the Italian justice system, proposed to president Oscar Luigi Scalfaro to nominate his personal lawyer Cesare Previti as Minister of Justice.

"Either the government gets off the ground and starts working in the coming hours, or we might as well go back to elections", Salvini said.

Under that article, the president would be voted on "for high treason or attacking the constitution" by all members of parliament.

"I want this institutional crisis to be taken to parliament and the president tried". If a simple majority votes in favour, the constitutional court would then be called to decide whether to impeach or not.

"Now we need to understand what could be the outcome of a new vote but what's clear is that Europe will be at the centre of the debate of the next campaign", he added. Some things can not be done in the throes of anger.

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