Book notes: Austerity: European Democracies Against the Wall

Austerity by Lorenzo Bini Smaghi

Lorenzo Bini-Smaghi, Austerity: European Democracies Against the Wall, CEPS, 2013, 151 pages

This work, like the book by Justin Lin reviewed in the previous pages, argues that the conventional account of the causes of the global financial crisis is superficial. The blame is often laid on factors such as the build-up of public and private debt, financial deregulation, irresponsible banking, ‘China’ and the euro. Though the search for scapegoats is a natural response, especially for those who gove

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