Gros, D., (2013), “Has Austerity Failed in Europe?”, www.project-syndicate.org, 14 Αυγούστου.
Although many European governments have announced expenditure cuts and tax hikes, their debt/GDP ratios continue to deteriorate. So, if the purpose of austerity was to reduce debt levels, its critics are right: fiscal belt-tightening has failed. But the goal of austerity was not just to stabilize debt ratios.