Born in Varese, Monti graduated in economics and management in 1965 and became an academic economist. He served as an EU commissioner (1995–2004). In 2011, after the global financial markets had lost confidence in Italy’s creditworthiness (see eurozone crisis), Monti was appointed Prime Minister of a technocratic non-party administration to reassure the markets and implement reforms. Acting also as finance minister, he sought to reduce Italy’s public deficit by tax rises and other austerity measures, and also to remove restrictive practices in the labour market. In December 2012 Monti lost the support of parliament, which precipitated early elections in 2013. He led an alliance of centre parties, but did not win sufficient seats to continue as Prime Minister.