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According to a study by European Commission economist Jan in ’t Veld, the drive to consolidate public finances which has dominated European economic policy in recent years has had a negative impact on jobs and growth.
Having noted that France lost cumulative growth of 4.8 per cent between 2011 and 2013, Libération remarks that —
… the saddest record for the loss of wealth is the one attributed to Greece. During the same period, austerity policies imposed on Athens resulted in a loss of growth of 8.05 per cent. Italy, Spain and Portugal respectively lost the equivalent of 4.9 per cent, 5.4 per cent and 6.9 per cent of GDP. Even the virtuous Germany lost a few feathers (2.61 per cent).
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The daily argues that —
Even though it was the work of just one reputed economist, the document which bears the Commission logo does not only reflect the views of its author. It confirms that in Brussels, the dogma of austerity is crumbling ahead of its imminent collapse. [...] In the absence of development projects on a vast scale, austerity will continue to weigh on the economy, while feeding dissent and populism.
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