The new premier said there were no excuses for failing to tackle the recession-hit country's ills and told senators that Italy would become a "country of opportunity" in a largely ad-lib speech ahead of a confidence vote in the upper house of Parliament.
"If we lose this challenge the fault will be all mine. No one has an alibi anymore," said the 39-year-old, youngest ever Prime Minister of the country.
Renzi, who grasped power after helping oust his predecessor Enrico Letta over failures to do enough to boost a flagging economy, reiterated plans for rapidly overhauling the tax system, job market and public administration.
He pledged to review unemployment benefits, establish a guarantee fund for small companies and comprehensively reform the justice system and promised to cut the tax burden by a double-digit figure by the first half of 2014 and pay off public administration debts.
The confidence vote later today will be a key test of Renzi's power to unite warring factions in Italy's Parliament and secure a solid majority.
The former mayor of Florence is expected to win based on the support of his own centre-left Democratic Party (DP) and his coalition partners, the centrists and the New Centre Right (NCD) party.
"We are not afraid of going to the polls," Renzi said.
