Journal Article

Austerity Policy: Saving Money is not Enough (original publication German only)

Wirtschaftsdienst, 95 (4)

The economic adjustment programs by the euro group and the IMF proved to be successful in the majority of the euro crisis countries because they went far beyond macroeconomic stabilization by fostering the implementation of structural reforms. It is Greece where the lack of political will and the lack of a functioning administration obstruct the reform process which is complementary to austerity policy.