Italy’s coalition of parliamentary lawmakers – with a mandate to help the debt-alarmed nation instill market confidence - on Wednesday named Mario Monti as the country’s new Prime minister, who will also be performing duties as finance minister.

Monti on Wednesday formed a new emergency government, Reuters reported. The ministers that will join him will aim to make structural economic reforms.

“I am convinced of the capacity of our country to overcome this difficult time,” Monti, an economist and former European commissioner said, according to CNN.

Monti, 68, replaces former PM Silvio Berlusconi who led for 17 years. He resigned on Saturday.

Monti said he expects to serve until elections in 2013.