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The leaders have again nominated Giuseppe Conte as Prime Minister in Rome's populist government.

The Five Star Movement and the right-wing League party were to swear in their Cabinet later yesterday, capping a roller-coaster week of political and financial turmoil by agreeing to drop a proposed economy minister who had concerned Italian President Sergio Mattarella. He was confronted by a group of laid-off workers protesting outside Parliament.

"You have to trust all of us", Conte told them.

Conte's Cabinet was sworn in after a last-minute deal averted the threat of a new election that could have turned into a referendum on whether Italy stayed with the shared European euro currency.

Italian president Sergio Matterella, an European Union loyalist appointed by fellow politicians rather than elected by the people, used his usually ceremonial position to block the populist parties' first attempt to form a government, claiming that Savona - their pick for economy minister - was unsuitable due to past criticism of the euro currency.

"To overcome our common challenges, we need unity and solidarity more than ever", he added.

"So far a crash in Italian debt markets have pulled populists back from the brink, and at present, their leaders are trying to form a less confrontational government".

While Tria has been critical of the European Union, he is not been seen as an advocate for an exit from the eurozone.

According to NPR's Jim Zarroli, "Although the two parties say they are not considering a departure from the eurozone, the mere suggestion of such a move has [also] scared investors".

Giuseppe Conte has been sworn in as the Italian Prime Minister. Eighteen ministers - five of them women - took the oath of office, pledging to observe Italy's constitution and work exclusively in the interests of the nation.

"To affirm the principle of collaboration with countries in difficulty does not mean at all to be willing to leave the euro", the note said. Upon being named to the post, he said he would be "a lawyer for the [Italian] people", and said his team would work "to improve the quality of the lives of all Italians".

"The immigration question remains a hot-button issue, even if the number of new arrivals has fallen", said Salvini, an ally of French far-right leader Marine Le Pen. Savona will enter the government as minister for European affairs.

Italy's two populist parties have reached a new agreement to form a government, days after a standoff with Italy's president over the parties' stance on the euro abruptly ended their first bid to assume power.

An earlier attempt to form a government foundered after the parties proposed as economy minister an economist who had devised a plan for Italy's departure from the euro zone, prompting his rejection by the head of state.

The Milan stock exchange jumped almost 2.5 per cent as banks hit hard by the turmoil showed signs of recovery. The relatively unknown law professor was due to meet Italy's president, Sergio Mattarella, on Thursday night.