The former Prince Felipe of Spain took his place on the throne Thursday to become the new King of Spain.
Dressed in military uniform, King Felipe VI assured the financially unstable nation he will bring "a reinvigorated monarchy for new times," The Washington Post reported.
"We are a great nation. Let us believe and trust in ourselves," the king said at his swearing-in ceremony.
The start of King Felipe VI's reign comes at a time of high unemployment and distrust in Spain's monarchy. Felipe's father and the former king, Juan Carlos, announced earlier this month he was stepping down so that a younger generation can help lead the nation into a new era.
The monarchy lost credibility when news broke in 2012 that Carlos went on a lavish hunting trip in Bostwana while the nation was in the midst of a recession. Carlos' daughter and Felipe's sister, Princess Cristina, was also placed under investigation for suspected tax fraud.
But it appears Felipe has been able to steer clear of the scandals and maintain the public's trust.
"Today, more than ever, the people rightly demand our public lives be guided by....moral and ethical principles," Felipe said according to The Washington Post.
The king said tackling the nation's jobless rate, currently at 26 percent, is "a priority for society and the government."
Shouts of "Long live the king" in Spanish could be heard as Felipe, his wife Queen Letizia and their two daughters appeared on the balcony of the royal palace, CNN reported.
But not all Spaniards joined in on the welcoming of the new King, including separatist groups in the Catalan, Basque and Galician regions that are calling for independence. Others are calling for the monarchy to be abolished.
"We all have our place in this diverse Spain," the new king said in an indirect reference to the separatists, The Washington Post reported.
The new king ended his speech with a "thank you," which he said in Catalan, Basque and Galician regional Spanish.
