"Habemus Papam!" - Pope Benedict XVI

His Holiness, Pope Benedict XVI

UPDATED:
From Catholic World News:

Cardinal Joseph Ratzinger has been elected the 265th Pope, and taken the name Pope Benedict XVI.

The new Pope, who has frequently spoken of the need for a restoration of Christian faith in Europe, apparently chose his name in honor of St. Benedict, the patron of Europe, who founded the religious order that put the Christian stamp on European culture.

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"Dear brothers and sisters, after the great Pope John Paul II, the cardinals have elected me, a simple and humble worker in the Lord's vineyards."

Interrupted by applause, the new Pope eventually added: "I am consoled that the Lord can work and act with inadequate instruments, and especially that you will keep me in your prayers."

Again interrupted by cheers, the Pope concluded: "In the joy of the risen Lord, trusting in his permanent help, let us go forward. The Lord will help us, and Mary, his most holy Mother, is at our side."