The newly-appointed PM Cottarelli vowed to establish a new government "very quickly" to take the country through this period before fresh elections are held in the fall of 2018 or early next year.
Mr Savona, a former industry minister, has questioned whether Italy should ditch the euro as its currency.
"I asked for the [economy] ministry an authoritative person from the parliamentary majority who is consistent with the government programme ... who isn't seen as a supporter of a line that could probably, or even inevitably, provoke Italy's exit from the euro", Mattarella said. "If you want to talk about it, we need to do it openly and with a serious, in-depth analysis".
European stocks were trading flat on the day and Italian bond yields were up 3 basis points on concern new elections would turn into a debate on euro membership.
Markets gave up earlier gains as the Five Star Movement and the League raged against Mr Mattarella, suggesting months of acrimonious political campaigning ahead.
"If there's not the OK of Berlin, Paris or Brussels, a government can not be formed in Italy". He added that the League and 5-Star had refused to put forward any other name for the role.
Known as "Mr Scissors" for his cuts to public spending, Cottarelli was director of the IMF's fiscal affairs department from 2008 to 2013. Such a call is usually a prelude to being offered a mandate to form a government.
Should the government lose the confidence votes, Cottarelli said a new election would be scheduled as soon as "after August".Читайте также: PM signals she will block Northern Ireland abortion law vote
European markets have rallied at the news but analysts warned this upturn could prove short-lived with new elections now likely, adding more uncertainty to the political situation in the Eurozone's third largest economy. It would be the first time in postwar Italian history that such a re-vote was needed.
In an interview with Radio Capital on Monday, Mr Salvini wondered aloud who would vote for him.
Mainstream centre-left and centre-right parties are losing further ground in the face of voter anger over the sluggish economy, high unemployment and rising poverty.
Last week, it looked as if Italy was finally about to get a new government after nearly three months of political deadlock following inconclusive elections back in March.
However, Salvini dismissed calls on Monday by 5-Star and a far-right ally, the Brothers of Italy, to chase Mattarella out of office.
During recent days, Italian bonds have slumped, raising the country's borrowing costs, and Mattarella said this represented "concrete risks for the savings of our fellow citizens and of Italian families".
After that, Mattarella would dissolve Parliament and set elections for 2019, Cottarelli said.
Such a vote is held in a secret ballot, with the motion requiring a simple majority to be approved.
He said: "Salvini could emerge as a stronger figure at the end of that".
Amidst the outrage, the leader of the largely collapsed Democratic Party (PD), Maurizio Martina, voiced his support for Mattarella, saying that his party-widely understood to represent the establishment-was ready "to mobilize a defense of democracy and our institutions" if attacks on the Italian president persist.При любом использовании материалов сайта и дочерних проектов, гиперссылка на обязательна.
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