Mario Draghi sworn in as Italy's prime minister

Mario Draghi was formally sworn in as Italy's new prime minister on Saturday, following weeks of instability in the eurozone's third-largest economy.

“I swear to be loyal to the Republic,” recited Draghi, the former head of the European Central Bank, as he stood before President Sergio Mattarella in the ornate presidential palace in a ceremony broadcast live on television.

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Draghi's new administration will then take office next week after winning the approval of both houses of the Italian parliament.