Has austerity failed in Europe?
In this Commentary Daniel Gros argues that austerity has been unavoidably associated with a high cost in terms of a long recession and high unemployment. But the main aim was achieved as the peripheral euro area countries have now reached a sustainable external position.
Daniel Gros is Director of the Centre for European Policy Studies. This Commentary was first published by Project Syndicate on 14 August 2013, and disseminated to newspapers and journals worldwide.