And an economy in which 25% of workers (and 50% of young people) are unemployed – as is the case in Greece and Spain – is still in depression. Austerity has failed, and there is no prospect of a return to full employment any time soon (not surprisingly, prospects for America, with its milder version of austerity, are better).
一些欧洲人对经济可能已经触底反弹而感到庆幸。随着生产恢复增长，衰退——也就是连续两个季度出现经济收缩——在官方意义上结束了。但在任何有意义的层面上看，一个大多数民众收入依然低于2008年前水平的经济体仍旧处于衰退之中。一个25%的职工（以及50%年轻人）还没找到工作——正如希腊和西班牙——的经济体依然处于萧条之下。紧缩政策已经破产，同时却看不到任何在短期内回归全面就业的前景（不出所料，由于美国的紧缩措施相对温和，其前景相对看好）。