Despite pressure from Italian business and the European Central Bank, Berlusconi has repeatedly delayed announcing measures to stimulate growth in an economy that has been stagnant for more than a decade.

The delays, caused by squabbling within the center-right government over which measures should be adopted, have put the euro zone’s third largest economy in the cross hairs of markets and pushed up yields on Italian bonds.

“This is a moment which requires a strong, clear assumption of responsibility, widely shared, so that it is more credible and effective,” Napolitano said at a public ceremony.

“I cannot keep quiet about my anguish at seeing that the political conditions for this wide consensus have not yet occurred,” he added.

The president, who is widely respected in Italy, has frequently criticized Berlusconi’s government and expressed increasing frustration at the lack of action.

On Tuesday, Italian banks and business associations criticized the government for delaying reforms and said confidence and faith in Italy was declining every day.

Disputes within the government over who should replace Mario Draghi as governor of the Bank of Italy have gone on for months.

Draghi is leaving to become head of the European Central Bank. Berlusconi said on Wednesday he would nominate a new governor on Thursday.