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Perhaps he thought he was in a room of similarly rich people, who understood the necessity for austerity.
Against a background of ongoing financial crisis, the political classes in high-income countries also insist, at the same time and without apology, on the necessity for austerity cuts.
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Spain, being member of the monetary union, is desperately missing this instrument.The third answer may sound strange for a country for which its government never stops arguing for the necessity of austerity: domestic demand has not collapsed so much as in most continental countries, in particular the Netherlands.
In May 2010, the bank issued a report affirming the economic necessity of austerity.
calls for austerity.
The poster child for austerity.
He faulted members for austerity and inaction.
Hunkering down for austerity is not enough.
This is no time for austerity.
So much for austerity Britain.
Thanks to Osborne, voters blame Gordon Brown's government for austerity and would rather have Tory austerity than Labour austerity.
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