Not in the name of democracy-Berlusconi's exit

Over at the Staggers blog,Richard Morris makes some very good points about the change of government in Italy over the weekend.

Democracy being undermined by the market could be one way of putting it.

Berlusconi,he writes,

hasn't gone because the Italian people have decided that it would be better if he was given the chance to spend more time with his party organiser

but he adds

He's stepped down because the markets thought that it would probably be for the best if one of their own was given the chance to run things for a while. Given the markets are made up of the same bankers who got the world economy into this mess in the first place, I am not entirely convinced they are the best placed group to be making leadership decisions on behalf of the Italian people.

Indeed as Ambrose Evans Pritchard writes in this morning's Telegraph,

The inherent flaws of monetary union have created a crisis of such gravity that EU leaders now feel authorized to topple two elected governments.

Dangerous ground? Maybe