Italy’s new Prime Minister Mario Monti introduced on Wednesday candidates to his cabinet, aimed to reverse Italy’s financial turmoil, the Presidential Palace said.
"We have had little time but we displayed a serious and careful approach to the selection [of Cabinet members]. We are confident," he said.
Monti also said he hoped markets would react positively to changes in Italy.
The new prime minister, who will also hold the post of Italy’s economic minister, said that he was committed to restore stability in Italy and push for economic growth. He also expressed respect to Silvio Berlusconi, whose People of Freedom party pledged their entire support for Monti’s government.
Monti, an ex-EU commissioner, was appointed as Italy’s Prime Minister on Sunday after the resignation of the 75-year-old Silvio Berlusconi, who stepped down after parliament approved new austerity measures demanded by the European Union to help trim Italy’s massive 1.9-trillion-euro debt.
The new Cabinet and Monti himself are expected to be sworn in later on Wednesday, the Italian Presidential Palace said.
On Tuesday, the yields on Italy's benchmark 10-year sovereign bonds surged past the critical 7 percent mark again, causing a new wave of uncertainty on the market and increasing investors' fears about the ability of the eurozone's third largest economy to refinance its debt, which currently stands at 1.9 trillion euros ($2.6 trillion).
On Wednesday the European Central Bank pushed Italy's borrowing costs below the 7 percent level by buying up Italy's sovereign debt to ease pressure on Europe's government debt market.
