Mario Monti took over as Italy's new premier on Wednesday after leading the newly selected cabinet ministers who were sworn in at the presidential palace.
Monti's government will be the 61st since Italy was proclaimed a republic after the Second World War, Xinhua reported Thursday.
Monti, a former European Union commissioner, was appointed as prime minister Sunday after the resignation of 75-year-old Silvio Berlusconi who stepped down after parliament approved new austerity measures demanded by the European Union to help trim Italy's massive 1.9 trillion euro debt.
On Wednesday, during the swearing-in ceremony, Italian President Giorgio Napolitano said: "The formation of this new government was difficult and delicate, but we have managed all together to find the most appropriate solutions."
"There are already many positive signals of confidence in the EU, "the president told the new government team and reporters on this occasion.
Corrado Passera, CEO of Intesa Sanpaolo bank of Italy, named as economic development and infrastructure minister, said: "We will convince markets through concrete plans."
Monti and his team, composed of experts in their respective fields who are not politicians, were sworn in after the new Italian prime minister publicly unveiled his cabinet ministers.
Monti, a respected economist and former EU commissioner, said that he holds confidence in his cabinet ministers and will focus "on joint initiatives for economic growth and development" as he announced accepting from President Napolitano the mandate to replace Silvio Berlusconi, the outgoing prime minister.
The new government is expected to face a confidence vote in both chambers of parliament on Thursday and Friday.