Political rhetoric that has shifted strongly against austerity in the eurozone doesn't reflect reality, with little in the way of policy that would bring the region in line with the kind of quantitative easing seen in the U.S. and Japan. "It is not that we are letting austerity policies go. It's only about the pace of adjustment and a shift towards structural reforms to avoid ending up in a downward spiral of austerity," said Carsten Brzeski, European economist at ING in Brussels

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