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The return of austerity: The fight over fiscal tightening has already been decided


s Beyond the Bubble column. He tweets at 
@Mij Europe
.
Progress with vaccinations and the waning of the pandemic have left European Union officials feeling optimistic. While governments are keeping a close eye on the Delta variant, a sense of normality is returning to the Continent’s everyday life. At the Brussels Economic Forum on Tuesday, European Commission President Ursula von der Leyen triumphantly declared that, “Europe’s economy is finally back on track.”
But with the end of the public health crisis, another set of headaches are taking center stage: when, and at what pace, to begin removing the unprecedented fiscal and monetary policy support that has kept European economies afloat over the last year and a half. ....

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