The Italian parliament's lower chamber has passed a package of economic reforms on Sunday.

The package for economic stabilization includes pension scheme reform and the sale of some nationally-owned assets.

With the passage of the package in both the Chamber of Deputies and the Senate, it now has all parliamentary approvals necessary for implementation.

Italian Premier Silvio Berlusconi left the parliament building immediately before the vote and then presided over his last Cabinet meeting before delivering his intent to resign to Italian President Giorgio Napolitano. Following that, the President announced Berlusconi’s resignation.

Berlusconi came under pressure to step down after defections in his party left him without a majority in the Chamber of Deputies. He had offered to resign once the budget measures were approved.

The economic reform package pushed by the E.U aims to reduce Italy’s one-point-nine-trillion euro debt and restore fiscal balance by cutting tax, selling off state-owned assets, and increasing labor market flexibility. Italy is the third largest economy in the euro zone.