Tide turning against eurozone austerity

Hugo Brady of the Centre for European Reform said such voices would inevitably influence thinking over time, but warned there was unlikely to be much change in Germany's stance before elections due in September. "There has been increasing recognition that the kind of policies pursued have harmed as much as healed and that this is the reason Europe is not emerging from the crisis. Structural reforms are great but they can take 10 years to have an impact. But the fact of the matter is that nothing is going to change this side of the German elections because (Chancellor Angela) Merkel's position is popular with German voters."