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Brussels Notebook – AUSTERITY VS FLEXIBILITY

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It’s over. Finally, the eurozone has exited the longest and worst recession since the Great Depression of the ’30s. But who should take the credit for ushering the 17-country bloc out of economic darkness?  

Brussels was quick to claim victory. Olli Rehn, the EU’s economic chief and a strong advocate of tough austerity measures, said that tight budgetary rules imposed on member states by the European Commission had been pivotal to help the eurozone economy return to growth.

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