Economist and former European commissioner Mario Monti has been nominated to take over as Italy's Prime Minister.

Dubbed 'Super Mario' for his work in international finance and as European commissioner, Mr Monti's appointment is expected to usher in a new era of sobriety to Italian politics.

President Giorgio Napolitano asked Mr Monti to form a government, expected to be composed largely of technocrats.

The respected economist, made a life senator last week, said he would work urgently to form a government and is likely to name around 12 ministers within days.

"I intend to fulfill this task with a great sense of responsibility in the service of our country. In a moment of particular difficulty for Italy, in a turbulent situation for Europe and the world, the country needs to meet the challenge," he said after his nomination.

"We owe it to our children to offer them a future with dignity and hope," he added, ABC News reports.

During his time in the EU administration in Brussels, Mr Monti gained global attention for taking on Microsoft for abusing its virtual monopoly power on the PC in Europe.

He also heads up Milan's prestigious Bocconi University.