If you ask me what are some similarities between Italian Monti and Greek PM Papademos. I would say both are technocrats. However if Iask you the similarity between Monti, Papademos and Dervis that might be hard. So who are these gentlemen what makes them special?
Lucas Papademos, a former banker , a veteran technocrat, once a senior economist at the Federal Reserve of Boston .He is well known to his students from his Columbia University years, where he taught economics.
Kemal Dervis , a respected Turkish Economist who has studied in Princeton , VP of the World Bank between 1977-2001 and minister of economic affairs from 2001 to 2002.
Mario Monti, a respected economics professor, his experience of EU politics made him the favoured candidate to clear the way for Italy's economic crisis. Monti, 68, austere and serious figure, to the people he is the "Super Mario". A neo-liberal economist, is the ultimate technocrat, calm, elegant, sometimes dull. He was also the president of Milan's prestigious Bocconi University, he spent 10 years at the European Commission. He is a founding member of the think-tank Spinelli Group which works towards a more deeply integrated Europe.
Mr.Monti the "Super Mario" spent a lot of time walking in the halls of the European Commission. This name wasn't given to him in a day, he made this reputation by stopping such corporate giants as Jack Welch and Bill Gates in their competitive tracks. After a three consecutive Berlusconi hegemony. He is the new appointed PM of Italy.
But wait a minute this reminds of a song we have heard before. A decade earlier Turkey was experiencing high interest rates, skyrocketing cross currency and huge unemployment when a 'savior' out of the blue was imported from a similar background .When Kemal Dervis was still a VP in World bank,Turkey was facing one of the worst financial crisis in its 80 year history. Although this is a country which hasn't been short of economic crisis every other 5 years since the late 80's, this time it was different. It all started when Ahmet N. Sezer(then-president of Turkey) threw a constitution booklet to Bulent Ecevit(then-PM) which started one of the worst economic crisis of the modern Turkish History, also famed as the "Black Wednesday". I clearly remember skyrocketing overnight interest rates which rose 7,500 percent, the highest value in the history of the republic, and the stock exchange closed the day with 2000 points drop in one day. The Turkish currency Lira doubled against the dollar.
For your information Dervis Fairy Tale didn't end very well. The Ecevit government who brought Dervis into power lost an election, lost bad. However ,Kemal Dervis era economic policies pave the way for what is known as the new rising power in the region,that is Turkey. For your info, an economy outstripped China to record the fastest growth of any top G-20 economy in 2011, propelled by record low interest rates and booming internal economy.
Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.