"I don't believe we're seeing the beginning of a divergence. We have seen a partial divergence on this case"
About this Quote
Monti’s real message is not “nothing is happening” but “don’t call this a rupture yet.” The line is classic technocratic crisis-language: deny the headline while conceding the data. By rejecting “the beginning of a divergence,” he tries to keep a potentially self-fulfilling narrative from taking hold in markets and politics alike. Divergence, in Euro-era vocabulary, isn’t an abstract concept; it’s the specter of unequal borrowing costs, fragmented credit, and the return of national risk premia inside a currency union that depends on the opposite story.
The craft is in the calibration. “I don’t believe” frames the claim as judgment, not decree, leaving room to adjust without losing face. “Beginning” narrows the dispute to timing, a way to argue with alarmists without denying visible stress. Then comes the controlled admission: “partial divergence.” It’s a pressure valve, acknowledging spreads or policy differences while implying they’re containable, situational, and reversible.
Subtext: Monti is managing two audiences with one sentence. To investors, he signals vigilance without panic; to domestic and EU counterparts, he implies the system’s architecture still holds if everyone behaves (read: reforms, fiscal discipline, credible backstops). The passive phrasing “we’re seeing” also deflects blame. No one “caused” this; it’s merely “seen,” like weather.
In context, this is the voice of the euro-crisis era: rhetoric designed to buy time, preserve confidence, and keep “temporary” from becoming a new normal.
The craft is in the calibration. “I don’t believe” frames the claim as judgment, not decree, leaving room to adjust without losing face. “Beginning” narrows the dispute to timing, a way to argue with alarmists without denying visible stress. Then comes the controlled admission: “partial divergence.” It’s a pressure valve, acknowledging spreads or policy differences while implying they’re containable, situational, and reversible.
Subtext: Monti is managing two audiences with one sentence. To investors, he signals vigilance without panic; to domestic and EU counterparts, he implies the system’s architecture still holds if everyone behaves (read: reforms, fiscal discipline, credible backstops). The passive phrasing “we’re seeing” also deflects blame. No one “caused” this; it’s merely “seen,” like weather.
In context, this is the voice of the euro-crisis era: rhetoric designed to buy time, preserve confidence, and keep “temporary” from becoming a new normal.
Quote Details
| Topic | Decision-Making |
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