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INCOMING Italy Names New P.M.-Designate Vittorio Zunino Celotto / FILE / Getty Images

Italy Names New P.M.-Designate

Say hello to the new guy. Italy selected former European Union commissioner Mario Monti as prime minister-designate on Sunday after Silvio Berlusconi’s resignation. Monti, who has the backing of most of Italy’s political parties, is a referred to as a “technocrat,” familiar with European policy and likely to earn the trust of the Eurozone’s financial elite. Monti is expected to implement an austerity plan, which European leaders believe is necessary to reduce Italy’s swelling debt. Berlusconi’s party has pledged support for Monti, but their main ally, the Northern League, has called for elections and said it will not give its support until it sees what Monti’s specific policies will be.

November 13, 2011 2:26 PM