Italy’s new premier-designate economist Mario Monti says he will get to work quickly to try to form a new government, taking the nation out of crisis and on the road to recovery.

Mario Monti, a well respected economist, received the formal mandate from President Giorgio Napolitano. He must now draw up a Cabinet, lay out his priorities and see if he has enough support in Parliament to govern effectively. But whether Berlusconi’s forces will give Monti crucial support in Parliament depends on who he chooses for his Cabinet and what his government’s priorities will be. As the third-largest economy in the eurozone.

Italy is considered too big for Europe to bail out. The next Italian government needs to push through even more painful reforms and austerity measures to deal with 1.9 trillion euros of debt - about 120 percent of the country’s economic output.