austerity
The European Central Bank (ECB) should counter the fiscal austerity with a looser monetary policy.
austerity |ôˈsteritē|
noun ( pl. -ties)
sternness or severity of manner or attitude : he was noted for his austerity and his authoritarianism.
• extreme plainness and simplicity of style or appearance : the room was decorated with a restraint bordering on austerity.
• ( austerities) conditions characterized by severity, sternness, or asceticism : his austerities had undermined his health | the simple life of prayer and personal austerity.
• difficult economic conditions created by government measures to reduce a budget deficit, esp. by reducing public expenditure : a period of austerity | [as adj. ] austerity measures.
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