The Fallacy of Austerity and the Paradox of Thrift in the Eurozone Crisis
In the aftermath of the 2009–2010 Eurozone crisis, German policymakers and European institutions prescribed austerity and internal devaluation as the primary tools for economic recovery in the periphery. Countries like Greece, Spain, and Portugal were expected to cut public spending and wages, reduce deficits, and regain competitiveness through lower