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Are we facing the end of austerity?

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Spain's indignants
A protester confined to a wheelchair with Spain's Indignant movement attends a rally at Puerta del Sol Square on May 12, 2012 in Madrid, Spain. Demonstrations took place across Spain on the first anniversary of the movement, which protests against corruption in politics, the economic crisis and the high jobless rate.
Pablo Blazquez Dominguez/Getty Images

Leaders met at the G8 Summit last weekend in Camp David, Md. to discuss a number of pressing issues, including the financial crisis in Europe and austerity measures.

As Europe's economy continues to suffer, voters are turning against the austerity measures put into play in many European countries after the 2008 financial collapse. How have the austerity measures played out in terms of economic growth? Does this backlash against spending cuts mean the end of austerity policies not only in Europe, but also in America?

Martin Wolf, associate editor and chief economics commentator at The Financial Times, will join The Daily Circuit Wednesday to discuss the end of austerity.

"In the current circumstances in Europe, I do not expect these programs to generate a significant recovery," he told NPR, despite austerity measures working in the past.

Julia Coronado, chief economist for BNP Paribas, will also join the discussion.

KERRI'S TAKEAWAY

It's not a debate about austerity versus growth; it's a combination of both. It's currently a Catch-22: Needing growth, which requires investment, but there's no money to invest.

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Spain's indignants
A protester confined to a wheelchair with Spain's Indignant movement attends a rally at Puerta del Sol Square on May 12, 2012 in Madrid, Spain. Demonstrations took place across Spain on the first anniversary of the movement, which protests against corruption in politics, the economic crisis and the high jobless rate.
Pablo Blazquez Dominguez/Getty Images