Italy’s Prime Minister Mario Draghi submitted his resignation to Italy’s President Sergio Mattarella at the Quirinale presidential palace in Rome on Thursday.

Draghi’s resignation comes after several key parties in his coalition boycotted a confidence vote in the government .After the resignation of the Prime Minister, Italian President Sergio Mattarella is now said to start the phase of consultation to get another majority between the parties in the Parliament or call for immediate elections.

Draghi’s resignation comes despite his popularity within the country and support from world leaders.World view him as an important European voice in standing up against Russian President Vladimir Putin and his war in Ukraine.

Meanwhile, a fear has been raised that Draghi’s resignation may destabilize the European Union’s third-largest economy.