Can austerity be self-defeating?

With European governments cutting back on spending, many are asking whether this could make matters worse. In the UK for instance, recent OECD estimates suggest that 'austerity' will lead to another recession, which in turn may lead to a higher debt-to-GDP ratio than before. As the debate heats up, the two authors give contrasting views in thier features:

+ Credible austerity plans are required
+ Why austerity can become self-defeating for Member States of a Currency Union

[Full text of articles can be found in the Intereconomics Archive two years after the initial publication]

Intereconomics: Archive http://archive.intereconomics.eu/years/

---