In Spain, over the last few days, thousands of students, young people and others have occupied the mains squares in all the major cities and towns, to protest against these policies ahead of the local elections to be held on Monday 23 May.
Spain is a country with 45 per cent youth unemployment - that is nearly half the young population - so it is even surprising that such protests did not occur earlier.
In Britain, the student protests against rising charges for higher education were temporarily quelled and the population was sought to be distracted by circuses like the Royal Wedding, but all accounts suggests that the unrest is simmering just below the surface.
In Italy, the party of Silvio Berlusconi has received a huge drubbing in the recent local elections.
So Europe may have seemed like a continent of lemmings rushing into economic destruction because of the inability to reduce the power of finance capital, but things may be changing.
Definitely, even in Europe, we are going to witness interesting times.
Image: Demonstrators sleep on the ground as they spend the night at Sol square during a protest in Madrid, Sunday May 22, 2011. Thousands of Spaniards defied a ban on a pre-election demonstration and have mounted a protest camp in the heart of the Spanish capital to express anger at political parties and the country's handling of the economic crisis.
AP ImagesWorld-renowned economist Jayati Ghosh is the Professor of Economics at the Jawaharlal Nehru University in New Delhi. She is also a member of the National Knowledge Commission set up by the Indian Prime Minister.