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).
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….