The newly appointed Italian “Ministry of the Economy” had said…

truly insulting!

The euro zone is at risk of snatching defeat from the jaws of victory by abandoning efforts to cut budget deficits and fix long-standing economic problems. The growing perception that austerity has been futile is incorrect. Fiscal consolidation is producing results, the pain is producing results Euro-zone policy makers need to do a better job of communicating their successes to a weary population.