Home > Home > Newly appointed Italy Prime Minister Mario Monti unveils technocrat cabinet

Newly appointed Italy Prime Minister Mario Monti unveils technocrat cabinet

November 18, 2011

By Christiaan Frankin

AMSTERDAM – New Italy Prime Minister Mario Monti has appointed a technocratic cabinet consisting of academics and high-level civil servants to save Italy from its debt crisis.

Mr. Monti, who will undertake a dual role as Economy minister as well as premier, was ceremonially sworn in as Prime Minister in Rome on Wednesday.

“The future of the euro also depends on what Italy will do in the next few weeks,” he told senators in Rome.

Besides gaining the support of the parliament and domestic parties, he will be faced with the difficult tasks of restoring the confidence of markets, as well as reducing the 1.9tn Euro debt and restoring economic growth

The former EU commissioner has been racing to implement radical reforms to initiate austerity measures demanded by the European Union.

He denied claims by Italians fearful of losing their sovereignty that these measures were imposed by external forces, stating that ‘We are Europe.’

Besides reducing the budget deficit, Mr. Monti has also stated that ‘We need measures to make the economy less fossilised, help new industries grow, improve public services and favour youth and female employment.”

Markets have responded positively to the new government, with the rate on Italian bonds dropping from around the critical 7 percent level to 6.84 percent.

Minister of Finances Jan Kees de Jager has expressed that he is pleased that “under Monti there is a cabinet with a wide support from parliament and the confidence of financial markets.

Despite this, he also expressed concerns about the high national debt, saying that “it will be very risky if things go wrong there.”

Mr. Monti was sworn in as prime minister during a ceremony in Rome on Wednesdays.

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