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'Nazi' fear on austerity

EUROPE must steer away from the same intense austerity measures that ultimately ushered in the Nazis in Germany in the 1930s, a European Central Bank governing member has warned.

Ewald Nowotny said policymakers should avoid repeating the "mistakes of the 1930s," when " a single-minded concentration on austerity policy led to mass unemployment, a breakdown of democratic systems and in the end to the catastrophe of Nazism."