What do you think the use of technocratic governments in Europe says about European democracy?
"There are two problems with it. First of all it shouldn’t happen, at least if anybody believes in democracy. Secondly, the policies that they’re following are just driving Europe into deeper and deeper problems. The idea of imposing austerity during a recession makes no sense whatsoever. There are problems, especially in the southern European countries, but in Greece the problems are not alleviated by compelling the country to reduce its growth because the debt relative to GDP simply increases, and that’s what the policies have been doing. In the case of Spain, which is a different case, the country was actually doing quite well up until the crash: it had a budget surplus. There were problems, but they were problems caused by banks, not by the government, including German banks, who were lending in the style of their US counterparts (subprime mortgages). So the financial system crashed and then austerity was imposed on Spain, which is the worst policy. It increases unemployment, it reduces growth; it does bail out banks and investors, but that shouldn’t be the prime concern."