Matteo Renzi Italiy’s new Premier

Matteo Renzi formally accepted the role of Italian prime minister Friday, kicking off hopes for a revival in the eurozone's third-largest economy and a fresh approach to the country's ills.

"I am aware of the responsibility, delicacy and extraordinary honour which comes from creating a government capable of bringing hope," the former mayor of Florence told journalists after nearly three hours of talks with Italian President Giorgio Napolitano.

"I will do everything possible to deserve the trust of deputies, senators and millions of Italians who are waiting for this government to provide concrete answers," he said.

The 39-year-old has became Italy's youngest-ever prime minister at the head of a coalition government, after helping engineering the downfall of his predecessor Enrico Letta, blamed for failing to carry out promised reforms.