Italian Prime Minister Matteo Renzi submitted his resignation late on Sunday after early indications that he has lost the referendum on his plan to reform the country’s Constitution. “Good luck to us all,” he said from the Chigi Palace, adding that the “No” lobby must make clear proposals now, BBC reported. “The ‘no’ [camp] won in an incredibly clear way. I assume all responsibility for the defeat,” the 41-year-old said.

According to an exit poll by state broadcaster RAI, 42%-46% voted for the reform, while 54%-58% voted against his plan. The electorate had voted to show whether they approved a Constitutional law to amend the constitution and powers of the Italian Parliament. The reforms, which would have included changes to the division of powers between the state, regions and other administrative entities, would have reduced bureaucracy in Italy and brought in more competition, according to Renzi and his Democratic Party.

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The prime minister said he would inform the Cabinet of his decision to step down after two-and-a-half years in office at a meeting on Monday afternoon. He will then hand in his papers to the Italian President Sergio Mattarella, who is expected to ask him to remain the prime minister at least till the budget Bill is passed by Parliament later in December.

The next elections in the country are due in February 2018, but parties that opposed the Constitutional reforms, including the Five Star Movement and the Northern League, have already called for early polls, according to The Guardian. The league’s Matteo Salvini said the referendum was a “victory of the people against the strong powers of three-quarters of the world”.

The Euro fell to its lowest in more than a year on Monday morning, after his announcement, The New York Times reported. The single currency plunged by 1.5% to $1.0506.