Italy's new prime minister-designate, economist Mario Monti, says he will work quickly to form a new government.

Mr. Monti made the comments late Sunday after Italian President Giorgio Napolitano picked the former European Union competition commissioner to lead the country out of a debt crisis.

He added that Italy must “heal its finances” and resume growth because today's leaders owe it to future generations.

Mr. Monti received support for the top job from major opposition parties and some members of former prime minister Silvio Berlusconi's ruling center-right PDL party.

Mr. Monti has never held elected office in Italy and does not represent any Italian political party. He would lead the country until the next elections, due by 2013.

The new government faces the challenge of implementing a major austerity package approved by parliament in the past week to reduce the country's huge public debt. Mr. Berlusconi had promised to resign once the austerity package was passed.

EU leaders have been pressuring Italy to cut public spending to avoid becoming the latest euro zone member to request an EU bailout. EU officials worry that the Italian economy is too big to be rescued, and they fear its demise would be a major blow to the euro.

Financial markets had responded positively to Monti's emergence as the likely new prime minister, with Italian borrowing costs easing from record reached earlier in the week. Italian leaders wanted to have a new government in place before financial markets open Monday, to reassure investors that Italy's political system is stabilizing.