Italy's incoming prime minister on Tuesday won the first of two parliamentary votes to confirm his populist government, after calling in his maiden policy speech for "obligatory" redistribution of asylum seekers around the European Union and a review of sanctions against Russian Federation. A political novice, Conte leads the euroskeptic coalition of the 5-Star Movement, which considers itself anti-establishment, and the right-wing, north-based League party.
Italy's new populist government has easily won its second, and final, mandatory confidence vote in Parliament's lower chamber.
"We want this topic to be handled in full respect of the dignity of the many who are suffering. and for the problem to dealt with at European level", Conte told the Senate.
Italy's government bond yields, which move in the opposite direction to the price, rose as much as 20 basis points across the curve.
"The speech shows there's no signs that any of their proposals will be watered down", said Antoine Bouvet, an interest-rates strategist with Japanese bank Mizuho.
"It will be Conte that represents Italy but I don't think he will be the initiator of policy without talking to the two party leaders first", said Jan von Gerich, chief analyst at Nordea.
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In his 72-minute speech, Conte said priorities would be to address social hardship through the introduction of a universal income - a 5-Star election promise - and to stem an influx of irregular immigrants, a key policy of the League. "The (Bloomberg) report suggests that the European Central Bank may be looking past the softness in economic data out of the euro zone, and the political headwinds in Italy to focus on a gradual normalization of monetary policy", he added.
Conte reaffirmed said that the new government's first action would be on social rights, while it would also seek to reduce public debt.
The debt was "fully sustainable today", and a key to reducing it was economic growth.
Conte stressed that "Europe is our home" and, despite the coalition's plan to improve Russian ties, restated commitments to both North Atlantic Treaty Organisation and Italy's alliance with the United States.
Hardline Interior Minister Matteo Salvini said separately the proposed reforms of the Dublin rules condemn Italy and other Mediterranean countries to continue bearing the burden of an unprecedented migration crisis for the 28-nation bloc.
Once the parliamentary votes are over, Conte will leave for his first worldwide summit, a G7 meeting in Canada that starts on Friday.