Vote counting is taking place in Italy's presidential election but with no consensus among the major political parties and a result is expected to take some time.

Voting started at 3pm yesterday with 1,008 parliamentarians and regional leaders taking part in the secret ballot in which Prime Minister Mario Draghi is considered the top contender. However, the polling resulted in a stalemate so another attempt will take place today.

The former head of the European Central Bank is held in high esteem across Europe and is credited with stabilizing Italian politics since coming into office last February. 

However, his appointment as president would have far-reaching political implications as he has been holding together a coalition in parliament where many predecessors failed. There's concern a change of job would lead to snap elections ahead of an already-scheduled national vote next year. 

There is also concern that the EU Recovery Fund (NRRP) that Draghi's been tasked with implementing could be mismanaged if the political consensus is disturbed.  

Who else is in the frame?

Other scenarios being discussed include Italy's first female president, with Justice Minister Marta Cartabia's name in the mix. 

There's also a chance that outgoing President Sergio Mattarella could stay in the role in an interim capacity, until the 2023 national elections are over, and the political environment is more stable. 

Former prime minister Silvio Berlusconi was the only candidate who publicly campaigned for the top job, but he pulled out of the race at the last moment after realizing he didn't have the numbers and amid rumours of family concerns for his health.  

How the vote works

In the first three rounds of voting a two-thirds majority is required and then in the fourth round a simple majority is sufficient.  

Only three times before has a new president emerged in the first round.

The Presidential term spans 7 years and while the role is seen as mainly ceremonial, the head of state does wield significant power. For example, the president can dissolve parliament, call elections, appoint prime ministers and cabinet ministers. 

Sergio Matarella's term officially comes to an end on February 3^rd. It's hoped at least by then, the process to elect his successor will be complete.