A technocracy is a system of government where experts are in control of decision making. Greece and Italy have just signed up for this novel experience but what are they to expect.
Look no further than Singapore … the tiny island-state has been ruled by experts since foundation in 1965 and now boasts one of the highest incomes per capita, the highest number of millionaires per capita of any country and, wait for it … the highest paid government ministers in the world. Clearly, experts cost money, but they deliver.
Technocrats are not publicity seekers nor power freaks. In the cases of Greece and Italy, the new administrators will quietly go about their business of reducing spending and hoarding cash to pay their debts. The media will hate this as days or weeks will go by without a press conference or sensationalist headline … but the markets will love it as, finally, they can count on a government that is focused on debt service and debt reduction.
It seems the public wants this too. Already, opinion polls in Greece are in favour of delaying elections beyond February to let the new technocracy fix things. As in Singapore, the “Power for Prosperity” trade off seems to have taken root in Old Europe…