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Since Ireland embarked on its fiscal austerity programme two years ago, the Irish economy has contracted by at least 11%; Greece's economy declined by 6.5% between the fourth quarters of 2009 and 2010.
The mood inside the chamber was similarly fiery, with government and opposition MPs often losing their cool during a five-hour debate on the legislation.The government, which is cutting teaching grants to universities as part of its fiscal austerity programme, argues that higher tuition fees are needed to maintain standards in British universities.
Of course there are some important differences between the two, but if either candidate were to implement a fiscal austerity programme of this magnitude while the French and European economies are this weak, it is almost certain that unemployment and other economic and social problems will worsen.
Irrespective of who heads the Bank of England, ultra-loose monetary policy in the UK will persist in some form for a long time to come, given the structural weakness of the economy and because the government views it as a necessary counterbalance to its protracted fiscal austerity programme.
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In the years that followed, life went on among fiscal austerity programmes, while 1996 brought a couple of worrying developments: Greece's Olympic bid and the growing interest in entering the Euro.
A devaluation would make a fiscal austerity program easier to bear politically and economically.
In Latvia, the pain has been even greater; its GDP fell by 18% last year.A previous example of the widespread use of fiscal-austerity programmes was during the Asian crisis of the late 1990s.
Canada had three failed attempts at fiscal reform before a successful austerity programme was unveiled in the Liberal Party's budget in 1995.
And because the coalition was so savage in its programme of fiscal austerity – knocking on the head an economy that was, in fact, recovering until it took over – output is only just back to its pre-crisis peak, and real incomes and living standards are way below.
The coalition itself still has a positive approval rating but, at 3%, only just.In this section Sure start Send for the wonks Efficiency drive Voting blue Never-ending story Tweaking the experiments Don't mess with British bins Public policy editor Correction: Maersk Line ReprintsAnd all this is before the government's fearsome programme of fiscal austerity has really begun to bite.
Since those countries "under a programme" are being forced into drastic fiscal austerity, this amounts to a plan to have all of Europe slash spending at the same time.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com