Italia

So the Italians have been very naughty. They have gone around exercising their democratic rights in an inappropriate fashion.

While I personally dislike Berlusconi, I dislike the bankers rather more.

Given the choice between a captive of the financial elite (Monti) and a maverick of the more general elite (Berlusconi) I, too, would prefer the little pervert.

Thing is, the tried and tested policy of austerity is all that our Lords and Masters are interested in debating. How much Austerity. How quickly to eliminate the budget deficit. How much to cut spending.

The problem is the policy is tried, tested and has failed.

Berlusconi has siad the economy must be reflated.

Monti obeys the banker.

That the European leadership shold have allowed Berlusconi to get on the right side of a fundamental policy argument is incompetent.

That they should still refuse to take their heads from the sand, and plan to deal with the Italians' disobedience by scolding them back to austerity, is criminal.

People say unless the naughty countries embrace austerity, Europe will fail.

No.

Unless the European elite learns to respect democracy, Europe has already failed.