Select period

“Austerity, is clearly, a very slow way of getting out of the crisis as it results in lower consumption and higher unemployment. Due to loss of consumption the tax revenue base shrinks. Due to higher unemployment social expenditures increase as most western European countries have large and (as of now) in affordably expensive social services. Consequently, the conclusion drawn by some, and not only by new French leadership, that austerity on its own does not result in economic recovery is correct”, - Head of the International Security Program of the Geneva Center for Security Policy, Pál Dunay.