Matteo Renzi, who triggered Italy's political crisis this month by pulling his Italia Viva party out of the ruling coalition, would like to see former European Central Bank chief Mario Draghi become prime minister, a party source told Reuters on Sunday.

Italian ex-premier and centrist Italia Viva (IV) leader Matteo Renzi on Wednesday opened a government crisis by announcing that party’s two ministers were quitting PM Giuseppe Conte's administration, ANSA reported.

Italy’s government on early Wednesday morning gave the green light of the controversial Recovery Plan for the coronavirus, financed with European funds, although the country has not completely avoided the political crisis, news wires reported.

Italia Viva (IV) leader Matteo Renzi on Monday warned PM Giuseppe Conte against trying to end tension within the coalition supporting his government via a showdown in a parliamentary vote, ANSA reported. Ex-premier Renzi has repeatedly threatened to pull his centrist party out of the governing alliance due to disagreements about how the executive intends to spend €209bn Italy will get in grants and low-interest loans from the EU Recovery Fund.

Italy’s PM Giuseppe Conte is seeking to step up the pace with regards to the Recovery Plan on using €209bn in grants and low-interest loans Italy is set to get from the Next Generation EU programme, ANSA reported.