Italian Prime Minister Silvio Berlusconi has offered to resign from his position on Tuesday should the Italian Parliament pass an austerity package currently being advocated by the European Union, which would assist in addressing the country’s economic hardships.

Failing to reach a key parliamentary majority in a crucial vote on Tuesday, Berlusconi is now reportedly considering resignation as Italy and Europe struggle through an economic crisis.

Accordingly, Berlusconi met on Tuesday with the President of Italy, Giorgio Napolitano. It is reported that although Napolitano is sensitive to the predicament Berlusconi finds himself in, due to the parliamentary vote, he is mindful of the need to enact financial reforms as recommended by the European Union.

Berlusconi, who is offering to resign if these measures are adopted, would step down and then decide whether to go to elections or attempt to form a new government.

Accordingly, the proposed measures have not yet been presented for vote to parliament. The anticipation is that they would be considered before the end of November.

The controversial Berlusconi has had a colorful public life over the years as Italy’s prime minster. He has faced a number of criminal charges and has been accused in the past of conduct unbecoming of his office.