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Europe's answer has been austerity: savage spending cuts in an attempt to reassure bond markets.
And meanwhile, there has been austerity at the state and local level (calendar years here instead of fiscal, but that's not crucial): So the reality is that we have deficits because the economy is depressed, but relative to previous policy we've been imposing fiscal austerity, not stimulus.
Over the last couple of years, the focus of Washington has been austerity, austerity, austerity.
One reason for the drag has been austerity in federal, state and local governments, which have cut 605,000 jobs since February 2010, a drag on the job market's growth, even as private-sector employers have added nearly 6.5 million jobs.
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The solutions have been austerity plus monetary excess.
The left said Miliband had been austerity-lite and confused, and pointed to Scotland and Ukip as proof that a return to the centre was no answer for the future.
"There was a big symbolism in this game: Merkel has been pressing austerity on everyone.
One consequence has been that austerity is failing even on its own terms: key measures like debt/GDP ratios have gotten worse, not better.
Under Ms Lagarde, the Fund's rhetoric has become warmer, but the policy advice has been familiar: austerity, and plenty of it.
Plan A has been about austerity – with no economic evidence that it has ever worked, anywhere in the world, in times like the present.
The price has been crippling austerity measures, which Germany has led.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com