Argentine Jorge Bergoglio has been elected pope, the first ever from the Americas and the first from outside Europe in more than a millennium. He chose the name Pope Francis I.
After announcing `'Habemus Papum" -- `'We have a pope!" -- a cardinal standing on the balcony of St. Peter's Basilica on Wednesday revealed the identity of the new pontiff, using his Latin name. Bergoglio had reportedly finished second in the 2005 conclave that produced Benedict XVI -- who last month became the first pope to resign in 600 years.
The 76-year-old archbishop of Buenos Aires has spent nearly his entire career at home in Argentina, overseeing churches and shoe-leather priests.
Tens of thousands of people have been celebrating in St. Peter's Square, after the news that cardinals meeting in the Sistine Chapel have chosen a new pope.
The crowd gathered in a cold rain to watch the smokestack atop the chapel. And people jumped for joy when white smoke poured out, a signal that the cardinals had elected a successor to Pope Benedict.
Many chanted "Habemus Papam," or "We have a pope," as the bells of St. Peter's Basilica and churches across Rome tolled.
The pope is due to emerge shortly on a balcony overlooking St. Peter's Square to deliver his first words as the Bishop of Rome.
He was elected on the fifth ballot -- chosen in one of the fastest conclaves in years. And a quick decision hadn't been expected, since the church had been in turmoil after Pope Benedict's surprise resignation. The election also came amid revelations of mismanagement, infighting and corruption in the Holy See bureaucracy.
Every time a new pontiff is chosen in a conclave, a senior cardinal goes up to him and asks: "And by what name do want to be called?"
The question is popped immediately, while all electors are still locked in the Sistine chapel. So the winner had better have done his homework and already picked a name.
Shortly after, the senior cardinal reads out the pontifical name in Latin from the main balcony of St. Peter's Basilica as part of the "Habemus Papam" -- "We have a pope" -- formula that proclaims the election of a new pope.
The new pope can't move into the papal apartment just yet.
He will remain with the cardinals at the Vatican's Santa Marta hotel, an impersonal modern hotel on the edge of the Vatican gardens where they have been sequestered since the beginning of the conclave.
He will spend his first night as pontiff in a room that features a bed with a dark wood headboard and a carved image of Christ's face, as well as a sitting area and a study.
The new pope is expected to stay there for a few weeks until the papal apartment in the Apostolic Palace can be renovated. The apartment was sealed Feb. 28, just after Benedict resigned, and cannot be reopened until the new pope formally takes possession.