Italian PM-designate calls for sense of responsibility

Italy will have to go through some sacrifice time with a common sense of responsibility in order to draw off a dramatic financial crisis, Italian prime minister-designate Mario Monti said on Monday. "I will form a convincing and effective team of ministers," Monti told a press conference at the end of his first day of consultations with parties after he was appointed by President Giorgio Napolitano on Sunday as the new prime minister-designate. Monti, a former EU Commissioner and highly respected economist, said that "Italy can have a more protagonist role in Europe and in the world." Monti wished that his new government will last until spring 2013, the date in which next elections are due, in order to take the necessary time needed to carry on "speedy and effective" austerity measures. International markets will be able to understand this process, he said, calling for all political forces to back the new government in order to help the country in such a severe "economy and financial emergency." Italy sold three billion euros (four billion U.S. dollars) of five-year bonds at a 6.29 percent interest rate on Monday, after yields on 10-year bonds jumped over the 7 percent threshold last week, the level at which Greece, Portugal and Ireland were forced to seek international bailout. The economist, who was appointed prime minister-designate after former premier Silvio Berlusconi resigned Saturday, is now due to present the list of the cabinet ministers to the president and then face a parliament confidence vote by the end of the week, according to local media. Berlusconi stepped back after losing majority and following the parliament's approval of an austerity package of measures asked by the EU aimed at cutting Italy's massive debt--amounting to 1.89 trillion euros (2.56 trillion dollars). Monti's government is expected to implement policies aimed at reassuring international markets, which include the removal of restrictions on the economic activity, the promotion of human capital, the liberalization of closed professions and labor laws, and a simplification of the administration.