Joseph Ratzinger of Germany has been elected the 265th pontiff today by the College of Cardinals. He has chosen the name Benedict XVI, the Vatican announced. The announcement came shortly after white smoke and the sound of the Vatican bells ringing announced to the world that the new Pope has been elected and a new era in Roman Catholic history will commence. The bells tolled as Tuesday evening approached, and Catholics all around St Peter’s Square rejoiced at the news of the first papal conclave of the new millennium.

He was announced as tens of thousands of people gathered in St. Peter's Square. Crowds outside the Vatican were heard shouting "Viva il Papa!" which means "Long live the Pope!"

"It’s only been 24 hours, surprisingly how fast he was elected," Vatican Radio announced as they told how the new Pope had been chosen after just four ballots.

The bells rang for more than 10 minutes after the original tolling was heard, and this was the signal for hundreds of pilgrims from all over Rome to rush to St Peter’s Square.

The bells of St Peter's Basilica rang out shortly after 1800 local time (1600 GMT) to confirm the news.

Soon the new leader of the 1.1 billion Roman Catholics across the world will take to the Vatican palace balcony and give the traditional "Urbi et Orbi" blessing to the faithful.

More news will follow.