Italian Premier Mario Monti

Italian Premier Mario Monti has announced he is heading a new campaign coalition made of up centrists, businessmen and pro-Vatican forces, paving the way for his possible return to office if it wins enough seats in February parliamentary elections.

Monti told a news conference Friday evening that he will lead a new "grouping" of likeminded politicians and civic leaders to infuse ethics into Italian politics as well as renewed vigour for economic reforms he hopes will pull the country out of recession, reports The Associated Press.

Already a senator-for-life, he said he'll head a banner called "Monti Agenda for Italy" and will help choose electoral candidates.