Italian President Giorgio Napolitano nominated former European Union competition commissioner Mario Monti as the nation's new prime minister on Sunday, local time.

Monti now must form a new Cabinet, present his plans to overcome the economic crisis and reform the economy. He also must undergo confidence votes in both houses of parliament before taking office.

Upon his nomination announced by the Italian presidential palace, Monti told reporters that he will work to help his nation get out of the crisis situation quickly. He said that Italy should become a powerful member of the European Union again.

The prime minister-designate added he has placed top priority on healing the finances of Italy.