Could Italy leave the euro?
Despite outspoken criticism of the European Union from both parties, the final version of the M5S-League government program does not mention a unilateral exit from the eurozone.
The M5S abandoned their idea of a referendum on the euro and while the League has called the currency "a failed economic and social experiment," the party has proposed a series of reforms and an eventual coordinated group exit along with a number of other countries in the long term.
Who is really in charge?
The M5S hold more clout in the new coalition having won almost 33 per cent in March's election, compared to the League's 17 per cent - even if League leader Matteo Salvini claims to represent the 37 per cent who voted for his rightwing coalition.
While Salvini is the undisputed top dog of the League, the shadow of M5S founder Beppe Grillo, an outspoken former comedian, still looms large over the party led by Luigi Di Maio.
A question mark also hangs over the fate of flamboyant former premier Silvio Berlusconi.
Part of the rightwing alliance with Salvini, Berlusconi begrudgingly gave the green light for the League and the M5S to make a deal without his Forza Italia (FI) party.
But the ageing media tycoon disapproves of the new government program and, after a recent court ruling overturned a ban on him holding public office, could once again be able to exert influence from inside parliament - if a member of his party offers up their seat.
Never afraid of a long shot, Berlusconi has also offered himself up as a potential future premier.
Both Di Maio and Salvini insist that they want to create a coalition that can last the full five-year mandate and implement their program.
But their parties only have a wafer-thin six vote majority in the Senate, which holds the same power as the Chamber of Deputies, where they have a 32-vote majority.
The two parties will have to hold onto their MPs - especially those who view the new alliance with scepticism - to go the distance.
How will markets respond?
A tumultuous campaign, inconclusive elections and a prolonged period of political deadlock meant that financial markets were already nervous, especially faced with the possibility of a return to the polls.
So the prospect of a M5S-League accord was initially met with some relief - until the coalition revealed their government program.
In response to the document's costly financial measures and eurosceptic tone, key financial indicators pointed to decreasing investor confidence in Italy.
The difference in yield between Italian and German 10-year government bonds has gained 40 points in less than a week, increasing to 170 points.
What can the president do?
Italy's president Sergio Mattarella has the power to veto ministers and reject any law deemed financially non-viable for the country.
He is also the guarantor of Italy's international commitments and will keep a close eye on any move to modify the country's role on the world stage, especially given Salvini's scathing comments about the EU and praise for Russian leader Vladimir Putin.