Italy’s Mattarella Is Sworn in as President for Another Seven Years

(Bloomberg) -- Italian President Sergio Mattarella was sworn in for a second term in Rome, after a week of tense talks and back-room negotiations failed to find a successor.

As president for seven more years, he offers a guarantee of stability that extends also to Prime Minister Mario Draghi's government, who had initially sought to succeed parliament before steering dividing parties toward Mattarella's confirmation. It was Mattarella who called Draghi out of retirement to lead the government last year.

Chastened Draghi Buys Time to Fix Italy After President Miss

Addressing lawmakers gathered in the Parliament's Lower House, the 80-year old president said his re-election was “unexpected” but that he could not escape from this responsibility. After what Mattarella described as a “profound political uncertainty and tensions,” Italy's deadlocked parliament on Saturday asked him to delay his retirement and accept re-election.

The traditional swearing in ceremony includes a 21-gun salute and a display by Italian military planes, after which Mattarella will be escorted to the Quirinal palace, where presidents reside, in a vintage Lancia Flaminia convertible.

Draghi -- who had signaled his interest in becoming Italy's 13th president -- will remain prime minister, a welcome outcome for investors fearing political instability in the country.

Even so, the broad coalition supporting Draghi remains fractious. Matto Salvini's League didn't support the cabinet's decision on Wednesday to ease quarantine rules for vaccinated schoolchildren, saying that those who haven't received a shot shouldn't be discriminated.