The Legacy of Austerity in the Eurozone

Paul De Grauwe and Yuemei Ji ()

CEPS Papers from Centre for European Policy Studies

Abstract: The recent slight improvement in the GDP growth rates in the eurozone has led European policy-makers to proclaim victory and assert that the austerity programmes imposed within the eurozone are paying off. But is this really the case? In this Commentary Paul De Grauwe and Yuemei Ji argue that the improvement in the eurozone business cycle is the result of the ECB’s announcement of its Outright Monetary Transaction (OMT) programme, and that austerity has left a legacy of unsustainable debt that will test the political resilience of the debtor countries.

Pages: 6 pages
Date: 2013-10
New Economics Papers: this item is included in nep-mac
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