Comparing tax and spending policies now with those in 2008, cumulative “austerity” savings of about € billion have been put in place. This sum continues to grow at close to € billion per annum (cf. the chart in Honohan, 2015c).
19  The large crisis and post-crisis period profits of the Central Bank € bn between 2009 and 2014) could also be considered an additional offset to the net fiscal costs. BIS central bankers’ speeches  7  the presence of prudent pre-crisis banking practice.