Sharply-revising down growth forecasts for the 27-country region, the Brussels’ executive warned on Thursday that prospects had been hit by financial market turmoil, fiscal austerity, tumbling business and consumer confidence and weaker global demand.
I realize I'm beating a dead horse. However, austerity cuts growth. It's that simple. It's the commonly accepted economic position and it's the actual result that occurs in the real world when the policy is implemented.
