The Ulster Unionist leader, Mr David Trimble, has insisted that his failure to be re-elected as First Minister does not represent the end of the political process. The DUP, however, has called for fresh elections.
Mr Trimble said that the people of Northern Ireland would naturally be disappointed by the Assembly vote, but they should not despair. "Last week, we were on a remarkable high with the beginning to decommissioning. But over the years we have had our ups and downs and one should not regard today's decision as being in any way final. It is not. This process is not ended."
Referring to his failure to secure majority unionist support in the Assembly, he said that safeguards installed to protect the community as a whole had been used by a "small unrepresentative clique" to frustrate the public's wishes.
However, he refused to accept defeat.
"Don't lose heart. I am confident we will succeed and will carry this process forward positively", he said. Mr Trimble criticised the two members of his Assembly team who refused to vote for him.
"Pauline Armitage and Peter Weir behaved dishonourably", he said.
They both needed to "explain themselves", he stated. They had been elected on a pro-agreement UUP manifesto and the party executive, by an overwhelming majority, had instructed Assembly members last weekend to vote for him, he added.
When asked if Mrs Armitage and Mr Weir would be expelled from the party, Mr Trimble said: "I'm dealing with the situation as it is now. As to what happens in the near future, wait and see."
The DUP deputy leader, Mr Peter Robinson, said that the British government and the pro-agreement parties should have the courage to face the electorate.
"The politicians have spoken. Now it is time to hear the people's voice. The DUP will meet anybody at the polls", he stated.
The DUP leader, the Rev Ian Paisley, said: "We need a return to the ballot box. We need democracy re-established at Stormont. We reduced the Ulster Unionist monolith at Westminster and we are prepared to take them on again in Assembly elections."
He paid tribute to Mrs Armitage and Mr Weir for voting against their party leader.
"They will take a lot of abuse, but they will be finally vindicated", he said.
Mr Weir said he had voted against Mr Trimble because his concerns about decommissioning had not been addressed.
There was no evidence that last week's decommissioning by the IRA had not been "a one-off stunt".
"The IRA, by their deafening silence, have failed to build public confidence either in their act of decommissioning or in their future intentions", he added.
The leader of the UK Unionist Party, Mr Bob McCartney, described the Women's Coalition redesignation as "disgraceful". He added: "It was a pantomime, with the Women's Coalition indulging in cross-dressing. Monica McWilliams was Widow Twanky and Jane Morrice was the principal boy.
"They were unrecognisable as politicians."