ROME -- Italian President Giorgio Napolitano on Sunday appointed former European Union Commissioner Mario Monti to head an emergency government after Silvio Berlusconi resigned on Saturday night, according to local news agency Ansa.

Monti, a highly respected economist, was appointed prime minister at the conclusion of a series of meetings held between Napolitano and parties' leaders as well as Italy's former presidents.

Newly appointed Prime Minister Mario Monti looks on following a talk with Italian President Giorgio Napolitano at the Quirinale palace in Rome Nov 13, 2011.?[Photo/Agencies]?

He is expected to push through austerity reforms asked by the European Union to cut Italy's massive debt and regain market confidence after yields on its 10-year government bonds jumped over the 7-percent red line last week.

Earlier in the week, Berlusconi had lost majority at the parliament's lower chamber and promised to resign as soon as the austerity measures were approved by both the parliament's houses.

He went to presidential palace on Saturday evening to hand in his resignation soon after the lower house passed the austerity measures. The package cleared the upper house on Friday.

Newly appointed Prime Minister Mario Monti speaks to reporters following a talk with Italian President Giorgio Napolitano at the Quirinale palace in Rome Nov 13, 2011.?[Photo/Agencies]?