Cardinal Bergoglio of Argentina becomes Pope Francis I

David Cameron has welcomed the election Jorge Bergoglio, Archbishop of Buenos Aires, as the new Pope, saying it is a "momentous day" for Catholics around the world.

Cardinal Bergoglio, who will be known as Pope Francis I, was elected pontiff on the fifth ballot today (Wednesday 13 March) following the papal conclave in Rome.

Addressing the crowds, the first non-European pontiff for more than a millenium said: "As you know, the duty of the conclave was to appoint a bishop of Rome. It seems to me that my brother cardinals have chosen one who is from far away, but here I am.

The 76-year-old is the first pontiff to come from Latin America and his election follows the retirement of Pope Benedict XVI last month.

The Catholic Church in England and Wales issued a statement welcoming the election of Pope Francis:

Archbishop Vincent Nichols of Westminster - head of the Catholic Church in England and Wales - said, "On behalf of the Catholic Bishops' Conference of England and Wales, I wish to express my great joy at the news of the election of Cardinal Jorge Mario Bergoglio, S.J. [Socius Jesu - ie a member of the Jesuits] as the 265th Successor of St Peter and Supreme Pontiff of the Catholic Church."

"As he begins his new Apostolic ministry, as the Bishop of Rome and Shepherd of the universal Church, Pope Francis I may be assured of the prayers and loving support of the Catholic community throughout England and Wales."

Faced with the difficult decision of whether to elect a Pope who would offer a thorough shake-up of the Vatican and one who would not, the electors appear to have chosen a compromise between the two, as Bergoglio is said to have a reputation for both political canniness and a reforming drive.