Matteo Renzi looks on during a political meeting in Turin
Matteo Renzi looks on during a political meeting in Turin. ReutersReuters

Matteo Renzi is all set to be sworn-in as the new Prime Minister of Italy on 22 February 2014. The 39-year-old Democratic Party leader and Florence mayor is the youngest-ever to become the country's prime minister.

On Friday (21 February 21), Renzi formally accepted the mandate to lead a new government and named his cabinet ministers. The young leader is expected to bring much needed change in Italy's "stagnated economy."

He said on Friday that the new broad coalition government is going to bring hope to the economically stagnant country. Renzi gained control over the Democratic Party in December 2013 and the development was a pivotal step for him in the race to the prime ministerial palace.

"We aim tomorrow morning to immediately do the things that need to get done," BBC News quoted Renzi. The serving Prime Minister Enrico Letta, also a Democrat, is going to step down after his 10-month fragile coalition tenure, paving way for Renzi.

The new Prime Minister will have to depend on the same coalition to form his new cabinet and continue the government till the end of the current Parliament. Renzi announced his team of cabinet on 21 February.

The Democratic Party will remain the biggest coalition partner, supported by smaller parties belonging to former premier Mario Monti and loyalists of centre-right leader Silvio Berlusconi. Renzi is said to have clinched a deal with Berlusconi, who was out of office for facing a tax fraud conviction. 

Meanwhile, he has accused Letta of lack of action in bringing development in the country and said that Italy unemployment was at its peak level in 40 years and the economy has shrunk by 9 percent in seven years. He also called Letta's government corrupt and a waste of bureaucracy that failed to implement the promised reforms.  

Renzi has named Pier Carlo Padoan as his economy minister. Padoan is a well-respected economist in Italy and the chief economist of the Organisation for Economic Cooperation and Development, an international think-tank of leading economies. 

Renzi will be the third straight premier to attain the PM's office without being elected. Renzi's government, before getting into work, will have to win a vote of confidence in the parliament on 24 February.