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Europe EU austerity hawks shrug off criticism of flawed academic paper

Despite a new paper detailing flaws in the Rogoff-Reinhart study that has been used to argue in favor of austerity policies, Europe's austerity advocates are holding course.

By Eugenio FacciContributor / May 17, 2013

Yves Logghe/AP/File

In April, when several errors were discovered in a high-profile paper on the effect of government debt on economic growth, the fierce debate on austerity was once again ignited in Europe. Critics of budget slashing during the continent's recession were quick to say it was proof that misguided policies were making the situation worse.