Silvio Berlusconi officially resigned as Italy's prime minister Saturday, according to the presidential palace press office.
Berlusconi’s resignation comes after Italy's lower chamber on Saturday approved a series of austerity measures, a move to shore up confidence in the country's economy.
The package, which includes spending cuts and proposals to boost growth, was approved by the Senate Friday, resulting in a market surge.
The prime minister, who has survived many sexual and ethical scandals, pledged to step down once the economic measures passed both houses of parliament.
Berlusconi’s departure signals the end of an era in Italian politics. The 75-year-old business tycoon has been a dominant force since forming his Forza Italia party in 1994.