• Mario Draghi’s resignation comes after several key parties in his coalition boycotted a confidence vote.
• Italy’s President Sergio Mattarella will meet with the speakers of Parliament.
• A snap election, likely to take place this fall, is likely to be called for next year.

Mario Draghi, the prime minister of Italy, announced his resignation on Thursday; sending the third-largest economy in the EU into new political turbulence.

Draghi’s resignation follows the boycott of a vote of confidence in the government on Wednesday night; by several significant parties in his coalition, including the influential 5-Star movement; the largest party in the coalition government of the nation; center-right Forza Italia, and the far-right League.

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The president of Italy, Sergio Mattarella, will now meet with the parliament’s speakers before calling for an early election; which may happen as soon as this fall.

The centrist leader’s retirement comes in spite of his backing from international leaders; and popularity among many citizens of the nation, who see him as a crucial European voice; in opposing Russian President Vladimir Putin and his conflict in Ukraine.

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