Yes, There Is Austerity in Europe

The Economist provides a positive answer to the question using the appropriate data from the IMF.  It was in response to a post in the conservative National Review which argued that austerity has not really been tried in Europe. Tyler Cowen, who is a Director of the conservative Mercatus Institute, that is funded by the Koch brothers, jumped on the bandwagon in support of the post in the National Review.  Birds of a feather, flock together.  Neither of these organizations has compunctions about using misleading statistics that support their missions.