• Italy’s President Sergio Mattarella accepts Mario Draghi’s resignation.
• Draghi first offered his resignation last week, after the 5-Star movement withdrew its support in a parliamentary confidence vote.
• Italy’s main stock exchange was down more than 2.5 percent on Thursday.

Italy, Rome On Thursday, Italian Prime Minister Mario Draghi resigned to President Sergio Mattarella, throwing the European Union’s third-largest economy into new political turmoil.

Draghi resigned after several key parties in his coalition, including the powerful 5-Star movement, the country’s largest coalition party, the center-right Forza Italia, and the far-right League, boycotted a confidence vote in the government on Wednesday night.

Mattarella, who accepted the resignation, is scheduled to meet with Parliament’s speakers on Thursday afternoon, according to a statement from the presidential palace. The next step will be to call a special election.

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Draghi first offered his resignation last week, after the 5-Star movement withdrew its support in a parliamentary confidence vote on a package aimed at addressing Italy’s cost-of-living crisis. Draghi previously stated that he would not lead a government without the participation of the 5-Star Movement.

However, Italy’s President Sergio Mattarella rejected his resignation, urging him to stay and find a solution.

The FTSEMIB, Italy’s main stock exchange, was down more than 2.5 percent on Thursday after the country’s government was forced to resign.

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Mario Draghi, Italy’s Prime Minister, addresses the lower house of parliament ahead of a vote of confidence in Rome on Wednesday