Failing to learn harsh lessons from history

On Tuesday’s Irish Examiner, it was reported that Ewald Nowotny who is a member of the ECB Governing Council had stated that European policymakers must avoid repeating a “single-minded” focus on austerity that helped bring the Nazis into power in the 1930s German economic crisis.

He added that this policy led to mass unemployment, a breakdown of democratic systems and in the end, the catastrophe of Nazism.

Surely this is another lesson from history we ignore at our peril? Certainly others are taking it seriously as far as Greece is concerned.