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Can technocrats rescue Italy's economy?

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Can technocrats rescue Italy's economy?


Now that Italy’s new prime minister has unveiled a government lacking ‘political personalities’, it is hoped they possess the technical skills to start fixing the country’s financial troubles.

Rome resident Paolo Colucci said: “The government must work and reestablish the healthy principles of our constitution, and try to improve the economic situation after a disaster caused not only by the government, but also by the economic crisis in Europe.”

Giuseppe Drago, who also lives in Rome, was worried about the new government’s undemocratic nature. “When a government of technocrats is needed, it means democracy and politics are considered useless. So it’s something negative that should only be done in an emergency,” he said.

Before being sworn in as prime minister, Mario Monti said he was confident those chosen for his government would also give the financial markets peace of mind, reflecting on their track records in business and the private sector.

“This is probably as close as you can get to a dream team ministry,” said Giuseppe Ragusa, Assistant Professor of Economics at LUISS Guido Carli University. “They are all great professionals. They are all people who are leading in their profession. There are many people working in academia, but there are also people who have shown outstanding leadership in private business. So, I’m very happy with the composition of the team.”

Now the focus for Monti and his team of experts will be on rescuing Italy from bankruptcy and stimulating growth. He said sacrifices would be expected from across the political spectrum.

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