Italy’s President Sergio Mattarella was re-elected for a second seven-year term on Saturday following six days of what was often tense voting in Rome.

Speaking after the vote, Mattarella said he felt a "sense of responsibility" to remain in office considering the health and economic challenges facing Italy, BBC reports.

However, analysts and politicians have cautioned that Prime Minister Mario Draghi will likely struggle to control his coalition, as relations among the country’s ruling parties deteriorated during the voting.

With elections taking place in 2023, Draghi has numerous tough challenges ahead. The PM is facing pressure from parties within the collation to increase borrowing to limit the impact of higher energy costs on homes and businesses, as well as ongoing disagreements regarding pension system reforms.

In addition, the country has promised Brussels it will implement around 100 measures by the end of 2022 in return for around €200 billion in pandemic recovery funds. The Recovery Plan’s success is seen as key to the likelihood of additional future EU joint borrowing, Reuters reports.

Back in December, Mario Draghi indicated he would be willing to become President, saying his government had fulfilled most of its agenda, however he faced opposition from two large coalition parties. Yet Draghi called Mattarella's re-election "splendid news for Italians. I am grateful to the president for his decision to go along with the extremely strong will of parliament to re-elect him for a second term," he added.

Although Mattarella’s re-election will likely be welcomed by financial markets, the chaotic week has had a major impact. "Mattarella's election belies the fact that most of Italy's political parties are in tatters," stated Francesco Galietti, head of political risk consultancy Policy Sonar.

"We need to understand whether the key ingredient of Draghi's government - a broad, cross-partisan majority - will still be there in a few weeks, because if not, the situation will rapidly become untenable."

It is not known whether Mattarella plans to serve the full seven-year term, with some analysts signalling he could make way for Draghi to take over following next year’s elections.