Translation of the President's speech:
"I shared and accepted all the proposals made for the ministers, except the one for the Minister of the Economy. The designation of the Minister of the Economy always constitutes an immediate message of confidence or alarm for economic and financial players.
"For that Ministry, I asked for the indication of an authoritative political representative of the majority, coherent with the agenda of the political alliance. A representative who – beyond the respect and consideration that I have for the person – may not be seen as the promoter of a line of reasoning, often manifested, that could probably, or even inevitably, provoke Italy's exit from the euro. This is evidently quite different from having a strong attitude within the European Union in order to improve it for the better from the Italian point of view.
"In response to my request, I regretfully witnessed an unwillingness to opt for any other solution, and the premier-designate relinquished the appointment."
'It is my duty to protect Italians' money'
Uncertainty over our position on the euro has raised alarm among investors and savers, Italian and foreign, who have invested in our government bonds and in our companies.
"The rising spread, day after day, increases our public debt and reduces government spending on new social initiatives. The losses on the stock exchange, day after day, burn the resources and savings of our companies and of those who have invested in them. And they configure a tangible risk for the savings of our citizens and for Italian families...
"It is my duty, in fulfilling the task of appointing the ministers, which I am entrusted by the constitution, to pay great care in protecting the savings of Italian citizens."