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They believe making austerity the priority has done lasting damage and has stretched the social fabric in Europe.
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It has made austerity less painful, by increasing total employment and tax revenues.
That makes Austerity UK more vulnerable to recession than the US.
The supercilious tone of northern European bankers regarding southern European profligacy makes austerity proponents' arguments hard to take, too.
"His quest to free Greece from its public debt, and make austerity history, is simply impossible," he said.
In fact, Davies makes austerity Britain look so seductively warm you almost want to go back and live there.
Pushing hardest for cuts is Britain, which has made austerity a cornerstone of its own domestic policy and insists that the Union make similar sacrifices.
To make austerity in some European countries workable, you really needed stronger European economies not to be practicing austerity; austerity for all was and is a recipe for failure.
He believes he did well for his department last week, but is frustrated by the Tories failing to make austerity appear fair to all.
Either the Americans reckon they have got the firepower to make austerity work for them or they are mistakenly assuming the political conditions underpinning contracting in the US hold here.
"The agility of a small economy means you can push changes through quickly," said Christoph Mueller, the German chief executive of Aer Lingus, an Irish airline.Smallness also makes austerity a bit easier to stomach: everyone knows someone, or knows of someone, who has lost a job or taken a pay cut to keep one.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com