The term austerity refers to the program of economic-financial rigor, also known as austerity, with which the European leaders have decided to tackle the current crisis.
According to the provisions of the European Union, the austerity regime provides for cuts in public spending and policies aimed at reducing the deficit.
Proposals against which many European groups have aligned themselves, who have tried to change the situation.
The term austerity also defines the period between 1973 and 1974, during which many governments of Western countries were forced to approve provisions aimed at the drastic containment of energy consumption.
The measures were launched to put a stop to the shock that the oil system was facing in those years.
