Monaco's bachelor prince — long considered shy, secretive and a reluctant heir — took the throne as an assured leader Tuesday in ceremonies mixing tradition with a rock 'n' roll nod to a younger generation.

After a lifetime in the shadow of his father, Prince Albert II has shown a more forthright side. Last week, he unblushingly acknowledged fathering a child out of wedlock.

During festivities to mark Albert's ascension to the throne of Monaco's 700-year-old dynasty, a classical orchestra performed Mozart's Coronation Mass. Then, with fireworks bursting over the Mediterranean enclave's port, the music switched to recordings from artists including Pink Floyd and U2.

In his first speech to his subjects, the 47-year-old prince outlined plans to promote the banking industry in the principality and stressed that money laundering would not be tolerated.

"Money and virtue must be combined permanently," Albert told his subjects, thronged before him outside the royal palace, some sipping champagne. "Monaco has a vocation to embrace other cultures. Should this be forgotten the European and American origins of my family are there to remind us," he said.

Albert was proclaimed ruler of Monaco at a Mass in the cliff-top cathedral where his father, Rainier III, and mother, Hollywood beauty Grace Kelly, are buried.

Albert knelt as a choir sang a traditional Monaco prayer asking God to protect the prince. For the first time, the white-robed singers invoked Albert's name instead of Rainier's.

"We praise God for our new prince of Monaco, whom we receive ... as a gift," said the archbishop of Monaco, Monsignor Bernard Barsi, during his homily.

Cries of "Long live Prince Albert" greeted the new ruler as he descended the cathedral's red-carpeted stairs after the service, flanked by his sisters, Princesses Caroline and Stephanie.

Then he slipped on sunglasses and headed off for more festivities, continuing late into the night.

A national holiday was declared Tuesday and red-and-white banners — the national colors — hung in the windows of the royal palace and shops.

Prince Albert Alexandre Louis Pierre, Marquis of Baux, bears a name that rings with royalty, but he is a sporty bobsled enthusiast who is concerned about the environment.