Is Europe backing away from austerity?
Europe's leaders may be revisiting austerity policies in the face of slow economic growth and weak public support. Will that lead to concrete changes?
Europe's leaders may be revisiting austerity policies in the face of slow economic growth and weak public support. Will that lead to concrete changes?
By Joshua M. Brown, Guest blogger
My friend ET sent this my way, pointing toward it as the reason European stocks are rallying in the face of yet another contractionary Flash PMI day.
Europe is awakening to the fact that Austerity does not produce growth and the time to rein in debt spending is during booms, not on the heels of a major bust when spending is needed more than ever.
I believe, as he does, that this could be a pivotal moment in the way that Europe manages its crisis...
From the Guardian:
Quite an about-face in rhetoric, we'll see what actually takes place.