Jeroen Dijsselbloem didn’t have a good time of it when he visited the European Parliament on 7 May. He was there ostensibly to talk about the loan to Cyprus, why it was necessary, what lessons could we take from it, that sort of thing, instead, much to the chagrin of MEPs, he broadened the discussion. The Eurogroup president wanted to talk about austerity.

Not that Dijsselbloem would use that term – “I prefer to call it ‘fiscal discipline’” &...


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