Europe

A.C. Milan owner Silvio Berlusconi gave up his other job of 17 years as prime minister of Italy on Saturday.  On the whole this is considered a good thing for Italy.  Mario Monti, a “technocrat,” i.e. someone who is acceptable to the European Union, has been asked to form a new government. Is that a good thing?

The European Union is not the latter and hardly the former.  It is a good-times club.  When the economies of the member nations are purring the common Euro currency strokes them and keeps them purring.  When the bird hits the air pump though…birds don’t purr and when they’re not stroked they can squawk.  The European Central Bank lacks authority to print money, which some economists (and some bloggers) think efficacious in “priming the pump.” Absent that, the E.U. can only impose austerity on wayward member nations.  And that the E.U. is doing. Technocrat Monti has been brought in to put Italy on a strict, painful diet. The problem there is, since the E.U. is not really a “union,” it looks like some sovereign nations are interfering in the sovereignty of other nations. It looks like that because it is.  And that causes protests and hard feelings all around.

So Europe, best of luck. Keep in touch.