ROME (AP) — Italian Premier Mario Draghi resigned Thursday after his ruling coalition fell apart, and the country’s president dissolved Parliament, which paves the way for new elections although no date was set.

The moves dealt a destabilizing blow to Italy and Europe at a time of inflation and economic uncertainty brought on by the coronavirus pandemic and Russia’s war in Ukraine.

President Sergio Mattarella said the new election must be held within 70 days under Italy’s Constitution. He said he took the step because the lack of support for Draghi also indicated there was “no possibility” of forming another government that could carry a majority of lawmakers.

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Parliament’s five-year-term would have expired in March 2023.

Draghi tendered his resignation to Mattarella during a morning meeting at the Quirinale Palace. Mattarella, who rejected a similar resignation offer from the premier last week, asked Draghi’s government to remain on in a caretaker capacity, the president’s office said.