Nov. 13 - Former European Commissioner Mario Monti is chosen to head a new government in Italy charged with implementing urgent reforms. Deborah Lutterbeck reports.
Former European Commissioner Mario Monti has been appointed the head of a new government in Italy charged with implementing urgent reforms to end a crisis that has endangered the whole euro zone SOUNDBITE: Former EU Commissioner Mario Monti, saying(Italian): "Good evening, I thank the president for the confidence he has shown towards me with the task of forming a new government. I intend to fulfill this task with a great sense of responsibility and service towards our country. In a moment of particular difficulty for Italy, in a turbulent situation for Europe and the world, the country needs to meet the challenge. It must return and be an even greater element of strength and not weakness in the European Union in which we have been founders and in which we need to be protagonists. Our strengths will be in re-stabilising the financial situation and taking a path to growth. We have to do this for our children, we need to give them a solid future with dignity and hope." He said timing is of the essence. SOUNDBITE: Former EU Commissioner Mario Monti, saying(Italian): "We will do it in the quickest time, compatible with our wish to do a good and solid job. I think, as I said, because I need to finish my job quickly and well, I will say goodbye and thank you for your attention." Monti was asked to form a government, after a frenetic weekend during which parliament passed the reforms and Prime Minister Silvio Berlusconi stepped down. Italy's borrowing costs soared to unmanageable levels last week, threatening a Europe-wide financial meltdown. One student is hoping for better things from a new government. SOUNDBITE: Student Matteo Luciani, saying(Italian): "I hope things will get better, but we need to see what happens with the new government. I hope it is a person who doesn't just represent the banks but also someone who will represent us students and tries to do something for us, for the schools." Others were not sure just who the new leader is SOUNDBITE: Rome resident Patriza Pasquale, saying(Italian): "I hope we get out of this crisis, I hope we can get out of it once the new government comes in, what's his name? Monti." Markets calmed at the end of last week once it became clear that Berlusconi would go and Monti take his place. Rome is now watching to see the market response to the formal nomination. Deborah Lutterbeck, Reuters