Italy's new government and Prime Minister Mario Monti have been sworn in during a solemn ceremony at the presidential palace.

The 68-year-old Monti, an economics professor and former European Union Commissioner, formed his new government Wednesday, saying he will seek “sacrifices” from Italians to resolve the country's economic problems and get it moving forward again. He says the aim is economic, social and civil growth.

Speaking after being sworn in by President Giorgio Napolitano, Mr. Monti told reporters the 16-member Cabinet is comprised of technocrats and contains no politicians.

The new prime minister says he will also serve as the country's finance minister, and says he will present his emergency austerity plan to parliament's upper house on Thursday. It is expected to be followed by a confidence vote on the new government in both houses of parliament.