Since the financial crash five years ago, the economic world can clearly be separated into two factions: those favoring austerity to promote growth and those preferring increased state spending to stimulate the economy. For Olli Rehn, the vice president of the European Commission, this is a modern-day war between "austerians" and "spendanigans."
Despite the New York Times' announcement to review all of its blogs and shut down some – forcing the New Republic to pen an article entitled "Eulogy for the Blog" – Rehn has only just set up his first one.
In his opening post, Rehn refuses to fall into either the austerian or spendanigan camps. "As a doctrinaire agnostic," he states, "I refuse to take an oath to either of these, as there is no silver bullet or single issue movement that can solve the present crisis and return Europe to a sustained recovery."
Whether austerity is the correct path, particularly in Europe, has become increasingly debated in the wake of poor growth and disgruntled populations.
(Read More: Europe's Austerity Era Could Be Coming to an End)
France was the first country to embrace an anti-austerity candidate when voters ousted Nicholas Sarkozy in favor of socialist leader Francois Hollande. More recently,Icelandic voters, frustrated by austerity measures and falling living standards, voted in center-right parties opposed to such measures. These parties are also against joining the EU, a body now frequently seen as enforcing austerity upon the euro zone member states.
Portugal and Ireland have already secured more time to reduce their deficits, and Greece and Spain are similarly requesting adjustments over deficit reduction and loan repayment.
(Read More: EU Offers Crisis-Hit Members Wiggle Room on Deficits)