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The IMF advised fiscal and monetary austerity to help convince foreign money to stay put.
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Its fiscal and monetary austerity, designed to lower debt and inflation, is unpopular.
The most poignant example of the opposite was Britain in the 1920s which implemented both fiscal and monetary austerity in an effort to return sterling to its pre-war gold parity.
The bulk of both fiscal and monetary austerity occurred immediately prior to the onset of the depression.
For all the talk that monetary austerity promotes the "creative destruction" necessary for the economy to recover, it does not work that way.
For all the talk about monetary austerity promoting creative destruction, it does not work that way.
Great Britain and other European countries think fiscal and monetary austerity will fix things.
After years of severe monetary austerity and the weak economy and belt-tightening that goes with it, Europe is now showing signs of life.
The only form of austerity in the Eurozone is monetary austerity.
So you need fiscal austerity to get monetary easing in the German view.
From austerity to growth.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com