Draghi’s Task Explained

07/02/2012 Comments Off on Draghi’s Task Explained

Setting: The European Central Bank

Story: Mario Draghi has finished telling an advisor his view of the current situation. The advisor replies, to the tune of “Pharaoh’s Dreams Explained” from Joseph and the Amazing Technicolour Dreamcoat (with apologies to Webber and Rice).

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ADVISOR: Several years of economic boom we had

Stocks went up and housing didn’t look too bad

The pundit class, they said en masse

That moderation’s boss.

After that, the future didn’t look so bright

Greece’s debt collapsed completely overnight

And no one knew exactly who

Would have to bear the loss.

So, Draghi, there is no doubt

What this crisis is about

That the thing you really need to tackle

A common euro is a kind of shackle.

And I’m sure you did discuss

What you need in all this fuss

Is a plan to counteract the sinking

Based on robust economic thinking.

But what this plan could be I just don’t know….

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