May 13, 1999
Web posted at: 9:01 a.m. EDT (1301 GMT)

ROME (CNN) -- Italian Treasury Secretary Carlo Ciampi was elected president Thursday on the first ballot by delegates in Parliament.

Ciampi, 78, replaces President Oscar Luigi Scalfero, whose seven-year term is expiring.

From about 1,000 electors casting votes for president, 707 voted for Ciampi. Electors are comprised of members of Parliament, the Senate as well as other political appointees. Ciampi has previously served as prime minister and governor of the Bank of Italy.

Ciampi beat out other unofficial candidates, including European Human Rights Commissioner Emma Bonino.

Ciampi, a favorite of Prime Minister Massimo D'Alema, is credited with creating fiscal reforms that have allowed Italy to enter the European Monetary Union.

Italy's presidency is largely a ceremonial post, but it does wield important powers. The president serves as a kind of referee in political crises by deciding whether to dissolve parliament and call new elections and by designating candidates to form a new government.

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