The IMFs evaluation of 2010 austerity – Simon Wren-Lewis – Mainly Macro

IMF Headquarters, Washington, DC.

IMF Headquarters, Washington, DC. (Photo credit: Wikipedia)

Board of Governors - International Monetary Fu...

Board of Governors – International Monetary Fund (IMF) (Photo credit: Wikipedia)

This is an excellent, must-read article from leading Oxford economist, Simon Wren-Lewis.

via mainly macro: The IMFs evaluation of 2010 austerity.

The article looks at latest evidence available from the Independent Evaluation Office of the IMF. The independent review is critical of the IMF’s excessive dependence upon austerity in 2010.

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.

The IMF were brought to Europe by German Chancellor, Angela Merkel, and together with the European Commission and the European Central Bank have become known as the troika.

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?

Thoughts?

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