Economist Mario Monti was officially made Italy's new prime minister on November 16, 11. This new Mario is expected to move faster and jump higher than former PM Berlusconi ever considered. He has chosen a team of non-political experts to navigate Italy out of its debt crisis. President Napolitano speaks of Mr. Monti with highest regards while reminding the media there are auctions in order for state bonds through the end of April, and high interest rates can cause an added stress to the government.
Italian playboy billionaire Silvio Berlusconi was recently applauded for his resignation as prime minister. Silvio released an album of love songs upon his departure from office. One may find him performing at dinner parties in future. In the past he has been criticized for the prostitutes and strippers that have performed for him. Former PM Berlusconi has received criticism by many in recent times, including the newly appointed Italian President of the ECB.
The European Central Bank can't continue to buy up state bonds of failing economies. The ECB's purpose is to maintain the euro's purchasing power and keep prices stable, which is an admirable goal for any country in this failing global economy. The new Italian government has likely achieved the highest scores on ECB's Inflation Island game and is ready to play with the real euro now.
Will technocracy be the wave of the future? It could be, if there proves to be a major turnaround for the Euro. Former Prime Minister Berlusconi served three terms in office. Prime Minister Monti looks to stay in control til at least 2013. While Mr. Berlusconi did not have great support from the public near the end, his family has shown their support in print. The newspaper owned by his family showed their approval of the new government with the headline, "It Can't Last Long."