No Stopping Technocrats Rule as Debt Crisis Brings Down Europe Governments

Wednesday, November 16, 2011
By Paul Martin

By Gregory Viscusi
Bloomberg.com

The European debt crisis has toppled four elected governments with the last two, in Greece and Italy, falling last week without a shove from voters.

The appointment of prime ministers in Athens and Rome to push through unpopular austerity measures echoes efforts in the past five decades by European leaders to control policy-making when democratic means fall short.

“The euro zone would never have been created if voters had been given a say,” Fredrik Erixon, head of the European Centre for International Political Economy in Brussels, said in a telephone interview. “It’s an elite project but that doesn’t mean it’s a bad project.”

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