The gun, though it is a metaphor for the threat of bankruptcy rather than military occupation, is salutary for economies like Italy and Greece. It may save their democratic governance in the long term since sharp economic downturns breed populism and social unrest. But there is no escaping the fact that such coercion is undemocratic. It is also evidence that democracy has, in the last two decades, displayed fewer virtues than democrats imagined.

The coalition of international mandarins and unelected officials dictating policies for the sake of societies unable to make the best decisions for themselves may be our best option. They could be the modern reincarnation of the Roman dictator, a figure who enjoyed unlimited but temporary powers in exceptionally dangerous circumstances. Such dictatorship was considered entirely reconcilable with Rome's republican freedoms. Monti and the mandarins may complete their task of saving the republic and then graciously withdraw, giving way to elected politicians who will (we hope) avoid spoiling it all again.

Whether these temporary dictators will have made us worthy of the civic obligations inherent in a democracy is another matter. The evidence is mounting that democracy is not alone in creating and sustaining prosperous economies. Judging by European public opinion, people will sacrifice freedom and democratic principles in exchange for prosperity much more readily than the other way round.