The pace and scale of fiscal austerity implies that any monetary policy tightening will be gradual, although we expect the Bank to raise interest rates before reversing QE.
There's an assumption, for many, that Oxfam's work focuses on developing countries, famine and drought but the scale and severity of austerity cuts in the UK has expanded their work closer to home.
Debt reduction is very difficult without economic growth, and the scale of Europe's austerity makes it hard to see where that growth will come from.That's all the more true because Europe's governments have been remarkably timid, compared with the Nordics, in exploiting another avenue to growth structural reform.
No fan of the timing and scale of the fiscal austerity foisted on Greece, Marudas nonetheless believes that the "tight leash" from Greece's lenders could have given successive Greek governments political cover to root out corruption and patronage.
The sheer scale of the fresh dose of austerity, doubts over the ability of both the Greek government and the eurozone to reach targets and gaps in the eurogroup deal prompted cynics to suggest the agreement would hold together for only a few months.
However, the scale of this new round of austerity is on a whole new level.
Still, the IFS director said the scale of the chancellor's austerity drive was less than had been implied before May's election and again at an emergency budget in July.
Our recent report with the New Local Government Network, Funding arts and culture in the age of austerity, sets out the scale of this funding decline.
In an era of austerity, massive wealth inequality, industrial-scale tax-evasion and totalising market orthodoxy, there's hardly a public broadcaster anywhere in the world that isn't facing brutal cuts that go to the bone and beyond.
