The unfolding of the economic and sovereign debt crisis and, in particular, the limitations experienced in stopping the spillovers to other EU countries have sparked criticism of the efficiency and effectiveness of the euro area’s and the EU’s economic governance and the decisions taken over the past three years.
However, an adequate assessment must consider the constraints and limitations that the decision-making bodies were faced with. At the recent IMF meeting, there was an intense debate, the bottom line of which the press described in the following – overly simplified – way:   The IMF and the U.S.A. promote a growth strategy,    the EU and the ECB advocate austerity.