In 2008, much of Europe’s financial system lay in ruins, its economy and employment under grave threat. Public funds were used to prop up the financial system: spending on public services was cut. Recent decades have also however seen vigorous calls for public and private investment in Europe’s knowledge economy, in the social cohesion of its diverse peoples and the solidarity of its regions, whatever their different stages of social and economic development. Without these, Europe is likely to face stagnation for the rest of this decade.

IPR Report Challenges Effectiveness of Austerity in UK & Eurozone