Austerity...

Well, that experiment did not last long, now did it?

The European Commission has said it will allow some EU member states to slow their pace of austerity cuts, amid concerns over growth.

France, Spain, Poland, Portugal, the Netherlands and Slovenia are all being given more time to complete their austerity plans.

France will get two more years to bring its budget deficit below 3% of GDP.

Commission president Jose Manuel Barroso said the extra time must be "used wisely" to lift competitiveness.