With the installation (yet to be confirmed in both countries) of what are being called “technoractic governments” in Italy and Spain, a lot of financial commentators are throwing around this new buzz word.
I had to look it up as I’ve never heard of it before. But a technocratic government is essentially one that has expertise in a given field. It could be engineering, health or what have you. In both Greece and Italy’s case, it is economic expertise as both Monti and Papademos are economists.
Some are hailing this as really good news, “finally we have some economists who understand how to fix this”.
But Monti was formerly a high ranking official with the European Commission and Papademos is a former VP at the European Central Bank. Last time I checked, these two entities were part of the reason we have these economic problems in the first place.