Europe’s future in an age of austerity

The CER invited leading economists and policy-makers to debate in November 2012 the implications of fiscal austerity for economic, political and monetary stability.

Europe has entered a period of prolonged fiscal austerity at a time when the private sector in highly indebted countries is still deleveraging. Economic growth across much of the region could therefore be chronically weak for a long time.

The purpose of the CER conference held in November 2012 was to explore how Europe’s recent growth path compared with that of other countries/regions recovering from financial crises; whether Europe’s growth strategy can work; and what the political and social consequences will be if economic stagnation in parts of Europe becomes entrenched.