But, on the receiving end of the message in southern Europe (and across the Atlantic), “austerity” is interpreted largely in fiscal terms – as an excessively rapid and potentially growth-destroying drive to cut deficits faster than the economy can structurally adjust and fill the gap in aggregate demand. In other words, harsh austerity is being viewed largely through a Keynesian lens.
但是，接受此信息的南欧（和大西洋沿岸）将“紧缩”解读成一个财政词汇——过快的、可能对增长造成毁灭性影响的赤字削减计划，而不是让经济实现结构性调整并填补总需求空白。换句话说，南欧在用凯恩斯主义的视角看待紧缩。