Beginnings of the European realisation that austerity is mis-timed

Austerity has an encouraging family responsibility and belt-tightening feel to it. An analogy that is entirely misguided when it comes to national finances. Watch the PIIGS chase their austerity tail into a depression.

Meanwhile, theĀ Dutch and some other European countries, former supporters of the ridiculous 3% deficit rule, are starting to question that “wisdom”.