Former European Central Bank chief Mario Draghi on Friday accepted the Italian president's bid to form a new government, announcing a Cabinet of experts mixed with experienced political hands, at once seeking to reassure financial markets and tame a potentially unruly coalition of former rivals.

The formation of a broad-based government of national unity was widely expected after most political parties across the spectrum signaled their support for Draghi. Italy is at a critical juncture as it battles the health and economic consequences of the pandemic, which first struck the country hard almost one year ago.