Rome, Italy (AHN) – Former European Union (EU) Commissioner Mario Monti is the new prime minister of Italy, replacing outgoing Prime Minister Silvio Berlusconi, Italian President Giorgio Napolitano announced on Sunday.

Monti, who was asked to form a new government, accepted the mandate. His first task is to form a new cabinet although he did not provide a timetable nor hinted whom would he appoint as ministers. Monti said he will start consultations on Monday with the new cabinet members.

The 68-year-old Monti, an economist, said he wants to build a future of dignity and hope for Italy’s children.

Napolitano held 17 meetings with senior Italian politicians before he nominated Monti to replace Berlusconi, who was forced to resign when yield on Italian bonds exceeded 7 percent last week.

After he accepted the nomination, Monti said his aim is to solve Italy’s financial crisis and resume growth while attending to social problems. He promised to work with Parliament to get out of the current situation.

Berlusconi said he would support Monti, but the Northern League – the former prime minister’s main coalition ally – said it would withhold support for the new Italian leader until Monti’s policies become clear.

On news on Monti’s appointment, Asian stocks rose in early trading, Hong Kong’s Hand Seng Index went up 2.4 percent and the euro rose against the dollar on Asian markets.

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