> You do realize that the debt/gdp ratio is a ratio?

I realize that. I just don't agree that any austerity measures have been taken which was the point of the comment I was responding to.

If real austerity had occurred then the countries' debt to gdp ratio should have been going down for at least a few years in order to get the expenses under control.

Unfortunately, that did not happen as many EU countries including Italy, France and Greece are still not within the EU rules to this very day.

> If you cripple the gdp through austerity policies (killing borrowing to chase the “responsibility dream”) the fiscal multiplier becomes a ruinous curse.

I agree except that these austerity measures as you put it if they ever existed, did not work because the debt to gpd ratio is still increasing in many EU countries.

> Of course, pissing money into a spending bonfire, driving inflation with excess liquidity, isn’t going to help; bit it’s just as bad as crippling growth by holding it back for lack of capital injection

Well Germany doesn't care supposedly. Where that takes us, who knows.