Isn’t it alarming that technocrats get blamed from all angles whenever things go wrong but as soon as a difficulty arises, they are the first ones to be called upon to find solutions?
And in today’s economic crisis-driven world, that assertion is probably true mostly in relation to financial and economic matters.
If agreed upon, it should come as no surprise, therefore, that Mario Monti has been elevated to lead his country’s fight against fiscal chaos with his recent appointment as Prime Minister of Italy. An economist by training and experience, Prime Minister Monti seems to have the full backing of his country’s elected members of parliament as he has been able to secure their full backing for austerity measures put forward to resolve Italy’s fiscal problems – a package he himself defines as a “Save Italy” pronouncement.
Faced with rising public debt which currently stands at 118.8 per cent of the country’s GDP, an external debt to GDP ratio of 151.6 per cent, a fiscal deficit of 4.5 per cent of GDP, and a higher risk premium on its debt, the people of Italy felt they had little choice but to force out of office former prime minister Silvio Berlusconi and his cabinet and turn to a group of technocrats ably led by current Prime Minister Mario Monti.
This recent development in Italy is certainly not the first time the country has been led by technocrats. Indeed, such precedence was already set by technocratic leaders such as Carlo Azeglio Ciampi and Lamberto Dini. Their successes in restoring fiscal balance to the country in the early to mid-1990s may very well have provided the right incentives for the current prime minister to be called to action, given the prevailing economic circumstances in the country.
The interesting issue for me at the moment is not whether this new model of governance will succeed in Italy, but the extent to which we in the Caribbean may want to look toward Italy and its example as a feasible option going forward as we seek solutions to our burning financial and economic challenges.
In short, do we in the Caribbean want to continue with our form of democracy where mostly elected members of parliament are asked to serve in Cabinet or do we see sufficient wisdom in allowing some technocrats to serve alongside elected parliamentarians?
It is often said that although change is the only constant in life, people are more often than not hesitant to accept change, especially when it affects them personally.
And that is generally true in relation to our elected parliamentarians who believe that they have a birthright to be appointed a Government minister.
The truth is that some individuals are capable of mounting a solid campaign and hence able to win a seat quite easily in a general election.
However, these same people have little capacity to effectively lead a ministry. Why, then, should they be appointed to such positions? I can only imagine that the answer to that question is a political calculation that our leaders make.
If so, then clearly, therein lies a major challenge for the future management of Caribbean economies and the need to seriously consider the possibility of change.
