Watson Institute for International and Public Affairs

In FT: Ban Urges Caution on Austerity Policy

January 11, 2011

“One should perhaps become more cautious with regard to the charms of austerity,” Institute Visiting Fellow Cornel Ban wrote recently in the Financial Times. The impact so far of Romania’s austerity measures of 2010 underscore his point and could provide lessons for Portugal and Greece, he said in a letter to the editor. “Things may change in the proverbial long run but so far austerity has deepened the slump, increased unemployment, and begun an unprecedented evisceration of basic services.”