Italy's new Prime Minister Mario Monti said Tuesday that he would put Europe at the heart of his government activity and all commitments made by the previous administration would be respected.

President of European Commission Jose Manuel Barosso (R) and visiting Italian Prime Minister Mario Monti give a joint press conference after their meeting at the EU headquarters in Brussels, capital of Belgium, Nov. 22, 2011. (Xinhua/Ye Pingfan)
"The program set out by the European Council will be our starting point," said the technocrat-turned prime minister, referring to a plan for fiscal consolidation, growth and social equity in the eurozone's third largest economy demanded by the European Union (EU).

At a press conference after meeting with European Commission President Jose Manuel Barroso, Monti said no specific aspects had been discussed with Barroso and detailed discussions on the Italian situation were scheduled for Friday when European Economic and Monetary Affairs Commissioner Olli Rehn visits Italy.

Speaking at the same press conference, Barroso expressed confidence in the new government's ability to regain trust from the market.

The government led by "a very committed, competent and experienced" prime minister would address the huge but surmountable challenges facing Italy, Barroso said.

Barroso attributed his confidence in Italy partially to the new prime minister. "I have known Mario Monti for several years now. I know he is a very committed, competent, experienced politician, a very committed Italian and European."

However, the president also warned that there are no miracles in financial markets and Italy will have to run a "marathon" of reforms to win back credibility about its government debt.

Despite the major political changes in Italy which saw former prime minister Silvio Berlusconi stepped down, the heavily-indebted country seems far from winning back the credibility with the yield for its 10-year bonds hovering around 7 percent.

"Credibility is a measure of the confidence that the markets have in the sovereign debt of a specific country. In reality, the situation regarding Italy remains difficult," Barroso said.

The president said "No one is expecting miracles. At least in financial markets, miracles usually do not happen. It is a matter of sustained effort," urging the Italian government to take its "historic responsibility."

The three elements identified by Barroso as the key to Italy's success include the determination to strictly implement the measures, the ability to achieve and maintain the large primary surplus and the determination to increase the country's growth potential.

VietNamNet/Xinhuanet