Mario Monti, Italy’s technocrat prime minister, has ended weeks of speculation over his future by declaring his readiness to shed his neutrality and run for office next year if he sees “credible” support for his reform programme.

Presenting his “Monti agenda” for Italy and Europe at a press conference yesterday, the former EU commissioner spoke of the “moral imperative” driving his decision. But he later admitted that his tentative move into politics carried “many risks” and a “high probability of not succeeding”.

Widely respected abroad for pulling Italy from the brink of financial meltdown when he replaced Silvio Berlusconi’s discredited government 13 months ago, Mr Monti – who has never run for elected office – is more often cursed at home for driving up taxes and unemployment.