IMF Backpedals on Austerity | Common Dreams

Speaking in Tokyo at the annual IMF/World Bank meetings, IMF managing director Christine Lagarde said, “What we have observed is that when many countries at the same time adopt the same austerity measures, it creates a bigger and deeper impact on growth.”Sometimes its better to “go a little bit more slowly” in implementing the measures, and countries should “let the automatic stabilizers operate,” Lagarde stated.

via IMF Backpedals on Austerity | Common Dreams.

One comment

  1. JonDanzig · ·

    This week, at a seminar at the London School of Economics, I asked Professor Ha-Joon Chang, world renowned economist, if he could name a time in history when austerity measures ever led to prosperity. He said no.

    http://jondanzig.blogspot.co.uk

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