The only way to avert the political crisis looming on Italy's horizon and threatening its stability was a new government pact based on "courage, selflessness, and credibility," Italian Prime Minister Mario Draghi said Wednesday.

Draghi demanded that all the parties across the political spectrum put aside their differences and join forces to deal with the challenges Rome was facing, from COVID-19 to the economy.

"The only way forward if we want to stay together is to rebuild afresh this (government) pact with courage, selflessness, credibility," Draghi told the Senate. "Are you ready? ... You don't owe this answer to me, but to all Italians."

The political crisis in question all started when the Five Star Movement, a coalition member, refused to opt-out of a confidence vote. Draghi then said he would resign from the government.

In response, Italy's President Sergio Mattarella refused to accept Draghi's resignation, in a political crisis that experts warned could send the eurozone's third largest economy to snap elections.

MPs will now debate for over five hours before Draghi responds ahead of a vote later in the day.

A lot is at stake in the EU country, as a government collapse would make matters worse for the Italian people, especially as an inflation crisis ravages Italy. The collapse would also delay the budget, threaten the European Union's post-COVID recovery funds, and further affect already unstable markets.

Polls suggest that the majority of Italians want Draghi to stay in his post at least until the country holds its general election in May 2023.

Draghi said today that as an unelected leader, he needs the broadest consensus possible to be able to deal with the most pressing issues facing Italy.

For a long time, Draghi said, his coalition was able "to put aside divisions and come together... for rapid and effective action, for the good of all citizens."

However, "the desire to move forward together gradually waned, and with it the ability to act effectively, with 'timeliness', in the interests of the country," he said.

Parties on the center-left said they would support Draghi, but it is unknown whether right-leaning Forza Italia and the League would continue with him, as they ruled out staying in a government with Five Star.

Five Star head Giuseppe Conte has demanded Draghi adopt the Movement's priorities, from a minimum wage to tax credits on energy-efficient home upgrades. It is unlikely that Draghi takes these actions, though.