The Italians have a new word for their new leadership: Government Sachs. It’s a nod to the new crew of technocrats with shocking similar resumes – academic stints in economics in the US, bureaucratic jobs in the EU, time at Goldman Sachs – who are taking over in Europe. The technocrats now running Italy, Greece and the ECB certainly know the difference between bond and bikini curves (arrivederci, Berlusconi), but whether they can muster the public support needed to do painful austerity cuts remains to be seen. As ever, what Europe needs is real political leadership. For more on that, and whether Angela Merkel can provide it, click here.