Italy’s election campaign kicked off yesterday amid uncertainty over whether Prime Minister Mario Monti will launch himself into the political fray and fight flamboyant billionaire Silvio Berlusconi for the top job.

He is expected to announce today whether he will join the race

Monti’s resignation on Friday brought to a head weeks of speculation over whether the former eurocrat will play a major role in the February election, either as a candidate or a figurehead for parties that pledge to continue his reforms.

“On the eve of the most important decision of his political life, the premier halts on the threshold. He’s gripped by doubts, he’s tormented,” the left-wing Repubblica daily said, reflecting a flurry of press headlines over Monti’s apparent indecision.

The unelected Monti, appointed to head up a technocrat government last year as Italy battled the debt crisis, has kept his cards close to his chest, appearing reluctant to dive into the rough-and-tumble of Italian electoral politics.

But he is expected to announce today whether he will join the race.

President Giorgio Napolitano was set to meet the head of Italy’s lower and upper houses on Saturday before dissolving Parliament and formally calling a general election likely to take place on February 24.

In any bid for leadership, the 69-year-old Monti “faces enormous obstacles, real mountains to climb,” the financial daily Il Sole 24 Ore said.

“Either he is convinced he has a mission to carry out in the name of Europe, and thus has no choice but to carry on with determination... or he fears the job is too difficult,” columnist Stefano Folli wrote.

Some political observers have said Monti is unlikely to run because he risks losing not only the election but also the credibility he has built on the international stage.

Instead, he may unveil a memorandum in which he lays out the measures any future government would have to accomplish to keep his programme on track, but not signal whether he will run or give any endorsements.

His decision is likely to determine the shape of the campaign, which could become a three-way race between scandal-tainted media magnate Berlusconi, centre-left leader Pier Luigi Bersani and a Monti-backed coalition.

Even if he does not run, Monti’s agenda is likely still to overshadow the campaign.