Italy's populist coalition fails to form a government

Carlo Cottarelli, formerly from the International Monetary Fund, has been nominated as prime minister by Italian President Sergio Mattarella, CNN reports.

Why it matters: He is tasked with creating an interim government after Mattarella unraveled a proposed populist political coalition on Sunday. Cottarelli said if he receives a parliament confidence vote, "there will be new elections at the beginning of 2019."