German Cardinal Joseph Ratzinger has been elected as the new Pope. He will be known as Pope Benedict XVI.
The announcement was made this evening shortly after white smoke rose from the Vatican indicating a new pope has been elected.
White smoke rising from a chimney on the roof of the Sistine Chapel in Vatican
Pope Benedict (78), the seventh German pontiff and the 265th in the history of the Papacy, will hold his inaugural Mass on Sunday in St Peter's Square. Clad in white papal vestments and a short red cape, he appeared on the main balcony of the St Peter's Basilica to deliver his first public address as Pope.
"Dear brothers and sisters, after the great Pope John Paul II, the cardinals have elected me - a simple, humble worker in the vineyard of the Lord," he said.
"The fact that the Lord can work and act even with insufficient means consoles me, and above all I entrust myself to your prayers. I entrust myself to your prayers."
The strongly conservative former cardinal served John Paul II since 1981 as head of the Congregation for the Doctrine of the Faith. In that position, he has disciplined church dissidents and upheld church policy against attempts by liberals for reforms.
The appearance of the white smoke over the Holy City marked the end of the second of two sessions today in which the conclave of 115 Catholic cardinals were attempting to choose a new leader.
It was one of the fastest elections in the past century: Pope Pius XII was elected in 1939 in three ballots on one day, while Pope John Paul I was elected in 1978 in four ballots in one day. The new pope was elected after either four or five ballots over two days.
There was initially some confusion among the crowd of thousands packed into St Peter's Square this afternoon as the actual colour of the smoke was unclear. But the smoke was confirmed white when the bells of St Peter's Basilica, which were to peal when a new pope was elected, rang out.
Bells chimed at St Peter's Basilica and flag-waving crowds packed the square chanting: "Viva il Papa!" or "Long live the pope!" A vote earlier today failed to elect a new pope and black smoke emitted from the Vatican.
Pope John Paul II died on April 2nd after serving as pontiff for 26 years - the third longest papacy in Church history.
Pope Benedict XVI is now bishop of Rome, vicar of Christ, successor of St Peter, Prince of the Apostles, primate of Italy, patriarch of the West, archbishop and metropolitan of the Roman Province, sovereign of Vatican City and Servant of the Servants of God.
The new pontiff is the oldest man to be named pope since Clement XII, who was also 78 when he was elected in 1730. He is the first German pope since Victor II (1055-1057).
Born in Bavaria on April 16th, 1927, was a liberal theological adviser at the Second Vatican Council but became a conservative after the 1968 student movement prompted him to defend the faith against secularism.
He was archbishop of Munich before taking over the Congregation for the Doctrine of the Faith in 1981 as the Roman Catholic Church's chief ideologue.
Cardinals had faced a choice over whether to seek an older, skilled administrator who could serve as a "transitional" pope while the church absorbs John Paul's legacy, or a younger dynamic pastor and communicator - perhaps from Latin America or elsewhere in the developing world where the church is growing.