Dollar reverses gains as euro rallies on Italy, ECB comments

Italy Politics: Italy PM calls EU immigration policy a failure

Italy Politics: Italy PM calls EU immigration policy a failure

"We want to reduce the public debt, but we want to do it by increasing our wealth, not with austerity that, in recent years, has helped to make it grow", Conte said.

"We will strongly call for the Dublin Regulation to be overhauled in order to obtain respect for a fair distribution of responsibilities and to achieve an automatic system of compulsory distribution of asylum seekers".

An Italian governing coalition of two parties generally seen as hostile to the euro took power on Friday, calming markets that had been spooked by the possibility of a new election that might have effectively become a referendum on whether to leave the single currency.

A second parliamentary vote on Wednesday in the chamber of deputies, where the League and M5S also enjoy a majority, will officially confirm the new cabinet.

The government, backed by the 5-Star Movement, founded nine years ago as a grass-roots protest group, and the right-wing League, won the vote by 171-117 in the 320-seat Senate.

"It will be Conte that represents Italy but I don't think he will be the initiator of policy without talking to the two party leaders first", said Jan von Gerich, chief analyst at Nordea.

Renato Brunetta, a top lawmaker in Silvio Berlusconi's Forza Italia party, mocked Conte's dependence on the parties that picked him, calling him a "remote controlled" premier.

Since being sworn in Conte had limited himself to a Facebook post in which he said that he had spoken with German Chancellor Angela Merkel and French President Emmanuel Macron and would meet the two leaders at the G7 summit.

Tuesday, Il Giornale reported the beginning of a "Salvini-Orbán axis" following a telephone call between Lega interior minister Matteo Salvini and Hungarian premier Viktor Orbán in which the pair pledged to "change Europe together".

"Get ready to pack your bags", he added. Italy's ruling coalition's original choice as economy minister, euro-skeptic economist Paolo Savona, was turned down by the head of state because of his views on the euro.

Italy's Prime Minister Paolo Gentiloni sought member states' support for stemming migrant flows at this week's European Union summit and called for an European Union mission to police Niger's border with Libya.

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