They ignore the need for growth in Europe.”  Austerity versus growth. This debate is wrong. Policy-makers are often accused of being obsessed with fiscal austerity and ignoring the need for growth in Europe. Let me be clear: fiscal consolidation is not an end in itself. Rather, it is a pre-condition for achieving sustainable growth.
Fiscal consolidation creates the confidence that investors and consumers need. Ultimately, it supports both economic growth and employment. The only alternative would be to fight debt with more debt. This is no solution. Improvements on the fiscal front are becoming visible in the data. The euro area public deficit declined to 4.1% of GDP in 2011.