Austerity is one of several policy pillars within broader Structural Adjustment Programs. While SAPs may include privatization, deregulation, currency devaluation, and trade liberalization, austerity specifically addresses fiscal consolidation. For this reason, austerity is often discussed alongside SAPs but should be understood as a distinct subset of the larger reform package. | Austerity is one of several policy pillars within broader Structural Adjustment Programs. While SAPs may include privatization, deregulation, currency devaluation, and trade liberalization, austerity specifically addresses fiscal consolidation. For this reason, austerity is often discussed alongside SAPs but should be understood as a distinct subset of the larger reform package. |