"Italian people have been very patient and disciplined for many years. They have trusted Italian and European political and technical institutions… Reality turned out to be very different instead… Open global markets, free movement of capital, as well as the technological revolution did generate a large payoff as promised, but just for the few not for the many", Conte said.
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The Italian prime minister added that the Italians believed in the euro's ability "to solve all their chronic problems: high inflation, weak currency, public debt."
However, the public debt increasing despite austerity was "the price for a stable currency and low inflation", Conte said.
The current Italian government is "the institutional answer to the desire of Italian people of finding a new way forward," the prime minister added.