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Monti: Will Work Quickly to Form New Italian Government

Statue and Italian Flag in front of Vittorio Emanuele monument.
Ian Cumming | Getty Images
Statue and Italian Flag in front of Vittorio Emanuele monument.

Italy's new premier-designate economist Mario Monti says he will get to work quickly to try to form a new government, assuring the nation that it can heal its disastrous finances.

Monti told reporters Sunday night he will carry out the task "with a great sense of responsibility and service toward this nation." He added that Italy must "heal its finances" and resume growth because today's leaders owe it to future generations.

The former European Union competition commissioner received the formal mandate from President Giorgio Napolitano. Monti must now draw up a Cabinet, lay out his priorities and see if he has enough support in Parliament to govern effectively.

reluctantly on Saturday, bowing to market pressures.