ROME - Italy came under fierce pressure from the markets and the international community on Thursday to approve economic reforms and outline plans after Prime Minister Silvio Berlusconi's imminent resignation.

The International Monetary Fund called for "political clarity" while the European Commission said the Italian government's economic forecasts were out and warned that Italy's high borrowing costs risked hurting the economy.

Meanwhile former EU commissioner Mario Monti emerged as the front-runner to replace Berlusconi after a parliamentary revolt forced the 75-year-old tycoon to announce he would resign after adoption of a package of economic reforms.