Europe’s Austerity May Prove Painful, Darling Writes in NYT

European austerity measures forced on countries that need bailouts run the risk of smothering the growth those nations require to recuperate, former U.K. chancellor of the exchequer, Alistair Darling, wrote in the New York Times.

The European Central Bank also needs to pledge to support government bonds in troubled member countries, and to consider quantitative easing by increasing the money supply to stimulate the economy, he said.

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