Austerity Has Become A Bad Word In Europe

The struggling nations in southern Europe have seen their economies stagnate under the austerity regime.  The European Union has also lost popularity during the economic crisis.  Several important leaders have begun to soften their tone about the importance of budget cuts and tax increases.  They no longer use the word austerity.  It has been replaced by "fiscal consolidation".  Wordsmanship may not be enough, however, to turn things around in Europe. The tendency has been to make modest adaptations to new realities.  That has not been a winning approach during the worst recession since the Great Depression.