Euro zone: Strangely, economists were first concerned about austerity, while they are now concerned about lax economic policy

From the creation of the euro until 2013, economists were concerned about the austerity that resulted from the economic policy rules in the euro zone. Indeed, fiscal policy was abnormally restrictive from 2010 to 2015; monetary policy was abnormally restrictive from 2008 to 2013. But this concern about austere economic policies has turned into concern about lax economic polic ies , given the ECB’s ultra-expansionary policy since 2015 and the choice in 2019 in favour of expansionary fiscal policies - which is undoubtedly going to gather momentum. This reversal of the nature of the concern about economic policies is spectacular.