Greece and Italy now have new Prime Ministers. Neither of them have had to endure the indignity of actually standing for election. New Italian PM, Mario Monti, is a former European commissioner and an economist. Lucas Papademos, the new Greek Prime Minister, is a former Governor of the Bank of Greece (there is a great irony in a central banker being imposed as Prime Minister following a debt crisis fuelled by poor central bank decisions and a collapse of the banking system).

The European debt crisis has been almost as damaging for democracy as it has been for the economies of the Eurozone. In Greece and Italy, democratic legitimacy is clearly regarded as an unaffordable luxury.

If democratically elected leaders do not satisfy the markets, the IMF and the European Commission, they are now, in effect, summarily dismissed, without any reference to the wishes of the people. The unsubtle message coming out of Greece and Brussels is that international bodies believe that democratic governments have failed to tackle the economic crisis and should be replaced with more reliable (and controllable) technocratic governments.

Rule by technocrats has replaced rule by the people - with unelected, economically orthodox international bodies like the European Commission and the IMF working with unelected technocrats now heading up national governments to implement tough austerity measures that have never received public backing. The democratic deficit at the heart of Europe has become a democratic chasm.

The events of the past week are immensely important. For the first time in a generation, European countries are now headed by individuals who have had no popular endorsement at the ballot box. It is difficult to see why the people of Greece and Italy should see their new governments as representing their wishes when they have been imposed from above.

If people no longer see their Governments as being democratically legitimate and no longer see the ballot box as a legitimate way to express their grievance, they may be more likely to consider other ways to express that grievance. This is particularly dangerous at a time of painful austerity and falling living standards. Technocracy will have no answers for growing popular discontent.

The growing power of international bodies has steadily diminished democracy. Rule by place men has gradually replaced rule by democratically elected individuals who have been elected and can be removed. To an extent, the imposition of technocrats on Italy and Greece is the apotheosis of the technocratic concept that runs through bodies such as the IMF and European Commission

Indeed, Tony Benn famously warned of this threat in a mighty speech during the Maastricht debate, pointing out that, to a democrat, a good King is never better than a bad Parliament. He said:

We are discussing whether the... people are to be allowed to elect those who make the laws under the which they are governed... Secondly, we say to my favourite friends, the Chartists and suffragettes, "All your struggles to get control of the ballot box were a waste of time. We shall be run in future by a few white persons, as in 1832."

Government of the technocrats, by the technocrats, and for the technocrats is hugely undesirable and, by its very nature, bad for democratic legitimacy. It is not a long-term solution and should not have been considered as a short-term one. Democracy must not be regarded as merely an optional extra when solving economic problems.

If politicians do not bring their people with them, they risk creating extreme alienation and discontent. If politicians do not trust the people, why should the people trust their politicians? When they are working to solve the economic crisis engulfing Europe, the continent's leaders must be very careful that they don't create a new crisis of political legitimacy, which will have even more serious long-term consequences.

David Skelton is Deputy Director on Policy Exchange, an independent think tank. You can follow him on Twitter @djskelton