This is an excellent, must-read article from leading Oxford economist, Simon Wren-Lewis.
Regular readers of this blog will know that excessive austerity has been responsible for stunted growth and unemployment in the US, the UK and continental Europe. The damage has between particularly acute in Southern Europe, including Greece, Spain, Portugal, Italy, Cyprus and France.
According to most leading economists, millions of people have suffered unnecessary economic hardship, including unemployment because of excessive austerity.
Surely, it’s now time for the European Commission and Angela Merkel’s government to come clean and admit they were were wrong on austerity?