For how much longer will Europeans put up with this nonsense, with unemployment set to climb even further?

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On the whole I'm a fan of the European Commission's economic assessments, which unlike the politicians who run the show, tend to be both impartial and realistic. The latest winter forecasts, published today, will have come as quite a shock to the high command, for they predict another year of recession and rising unemployment for the eurozone, and only feeble growth of just 1.4pc the year after (2014).

The upshot is that little progress will be made this year in bringing budget deficits down as a percentage of GDP among the euro area's weaker economies, while for a number of countries, the goal of reduced public indebtedness remains as far away as ever. For the next two years at least, public indebtedness will continue to climb across most eurozone member states. Government targets for reducing budget deficits are likely to be be missed, both this year and next, not just in weaker member states covered by the support programme, but also in a number of larger eurozone economies.

As you would expect, the Commission diplomatically tip-toes around the issue of whether enforced fiscal consolidation may itself be causing these shortfalls, and can therefore be regarded as entirely counter-productive, but it does at least concede that fiscal consolidation is weighing quite heavily on growth prospects.

http://blogs.telegraph.co.uk/finance/jeremywarner/100022998/for-how-much-longer-will-europeans-put-up-with-this-nonsense-with-unemployment-set-to-climb-even-further/