He also said that the US dollar would remain Ecuador's legal currency and would not create a parallel currency. Ecuador adopted the US dollar in 2000, after a severe financial crisis in 1999.

Moreno also revealed his "Toda una vida" (An entire life) plan, which will seek to help the needs of the poorer and more vulnerable sectors of society.

He vowed to reduce child malnutrition, cut poverty, and provide housing for those living in extreme poverty.

On the international stage, Moreno promised to improve Ecuador's insertion with the world.

"We will strengthen regional integration, we will help initiatives being driven in CAN (Community of Andean Nations), Unasur (Union of South American Nations) and CELAC (Community of Latin American and Caribbean States)," he said, adding that he would continue to support the peace talks between the Colombian government and the National Liberation Army (ELN) taking place in Quito.

"We will encourage South-South cooperation and push for fair taxation to transform the relationship between states and multinational companies," he also noted.

After the handover, a visibly emotional Correa was greeted by a band singing "Aunque te vas, nunca te voy a olvidar" (You may go, but we will never forget you), a song written in honor of his legacy.

Correa steps down with a 62 percent approval rating. He did not speak at the ceremony but his supporters in parliament shouted "Correa, my friend, the people are with you."