NYT: The disastrous consequences of European austerity grow more obvious with each passing month, and even Mario Draghi, the president of the European Central Bank, is calling for a change of course.

Let's look at France as an example. François Hollande, the president of France since 2012, was elected on a promise to turn away from conservatives' austerity policies that killed Europe’s brief, inadequate economic recovery. Once in office, Mr. Hollande promptly folded to the conservatives, giving in completely to demands for even more austerity.

News reports consistently portray the French economy as a dysfunctional mess, crippled by high taxes and government regulation. So it comes as something of a shock when you look at the actual numbers, which don’t match that story at all. France's overall G.D.P. growth has been much better than the European average, beating not only the troubled economies of southern Europe but creditor nations like the Netherlands. French job performance includes prime-aged adults who are a lot more likely to be employed in France than in the United States.

http://www.nytimes.com/2014/08/29/opinion/paul-krugman-the-fall-of-france.html?ref=opinion