OECD's calls for less austerity means common sense has prevailed

If the thinktank sticks to its guns over coordination between countries, there could enough fireworks to rival Chinese new year at G20

At last, the OECD has converted to the teachings of John Maynard Keynes. The austerian non-believers, for so long the dominant force in the Paris-based thinktank, are banished to a distant land. Common sense has prevailed.

As revolutions go, it has taken a while. Five years ago ago, the priority was public spending cuts. George Osborne was lauded. Then there was muted criticism. Now the austerity delusion, as the economist Paul Krugman called it, is no longer a central tenet of thinking at the Organisation for Economic Co-operation & Development, the club formed to provide advice to 34 wealthy countries.

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