The current president of the ECB, Christine Lagarde, was among the first top officials to congratulate Draghi on Twitter, wishing him "all the best as he takes on the task ahead, leading the government in the best interests of all Italian citizens".
Former European Central Bank chief Mario Draghi was expected Friday to be formally named Italy's new prime minister, to lead a national unity government and guide his country through the devastation of the coronavirus pandemic.
The former Bank of Italy governor only agreed to form the government after securing support from most of Italy's political parties.
"I swear to be loyal to the Republic", recited Draghi, the former head of the European Central Bank, as he stood before President Sergio Mattarella in the ornate presidential palace in a ceremony broadcast live on television.
The government must be approved by votes of confidence in both houses of Parliament early next week.
It is supported by all the parties in parliament, except for the right-wing Brothers of Italy (FdI) group.
Draghi picked a mix of technocrats and politicians from across the ideological spectrum that includes the centre-left Democratic Party - part of the Conte government - and the anti-migrant League and Silvio Berlusconi's Forza Italia.
In an Ipsos poll published by the Corriere della Sera daily newspaper on Saturday, 62% of Italians surveyed said they supported Draghi.
That post has gone to renowned physicist Roberto Cingolani, who works at Italian aeronautics giant Leonardo.
Italy's incoming Prime Minister, Mario Draghi arrives on 13 February 2021 for a formal handover ceremony with the outgoing Prime Minister at Palazzo Chigi in Rome.
Although he himself has no political power base, Draghi relies on years of experience in the Italian civil service, as well as his banking career.
His arrival was greeted with delight by the financial markets, and Italy's borrowing costs dropped to a historic low this week.
Last year's shutdown and waves of subsequent restrictions plunged the eurozone's third-largest economy into its worst recession since World War II, and more than 420,000 people have lost their jobs.
Political cooperation will also improve chances of speedy passage of spending packages and other legislative priorities so Mr Draghi can lead the nation into recovery.
The economy shrank by a staggering 8.9 percent previous year, while Covid-19 remains rife and restrictions including a night curfew and the closure of bars and restaurants in the evening remain in place.
The virus remains rife and Conte's cabinet, in one of its last acts, tightened curbs in four regions and extended a ban on travelling between regions. The country's economy has also been hit especially hard.
The main priorities for Draghi and his cabinet will centre around the allocation of around €200 billion from the EU's recovery funds, and overseeing Italy's anti-coronavirus vaccination programme.
But Draghi will have to balance demands for immediate hand-outs against the need for long-term structural reforms in Italy - tensions that brought down the last government.
Eager to have some role in deciding how Italy will spend some 209 billion euros of European Union recovery funds, politicians from parties that have spent years demonising each other set aside differences and agreed to join a Draghi government.
Draghi's job is easier than that faced by previous technocrat prime ministers, such as Mario Monti, who turned to severe, unpopular austerity measures during the debt crisis.