This is very depressing. Europe is probably already in a recession, and the ECB and other European policymakers still think that fiscal deficits are the cause of the problem. What Europe needs is growth and re-balancing - and some fiscal adjustments. The ECB is also concerned that austerity will be “derailed by domestic politics”. That should not be a surprise. The results of austerity alone - a deeper recession - will not survive the ballot booth.
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