Hence the search for a growth strategy - but structural reforms take time to deliver and Europe does not have time.

BBC: Euro crisis: The European maze

China needs to shift to a more sustainable growth model, and adopting a new growth strategy will trigger a structural catch-up process in global investment and consumption.

WSJ: Thilo Hanemann and Dan Rosen: Chinese Investment 2.0

The problem is Greece cannot compete or trade or produce its way out of this crisis during the Medium Term Fiscal Strategy: you get structural reform, but at the end a country that cannot borrow or pay its debts, only now its debts are bigger.

BBC: Greece: How do you save an economy from going bust?

All of this reinforces the question: is the strategy for cutting deficits and depending on structural reforms to boost growth working?

BBC: Europe: Things fall apart

The bigger point that Mr Cable is making here is that Mr Osborne has defined his strategy in terms of the current, structural deficit: that is, borrowing that is not due simply to the weak state of the economy and that is NOT used for public investment.

BBC: Vince Cable's plan B: a "matter of judgement"

The economic case for a growth strategy that combines hefty fiscal cuts with timid structural reforms is not obvious, especially when private demand is likely to stay weak.

ECONOMIST: A better way

In its prior corporate strategy announcement, Sony stated that through the combination of these structural reform measures and business portfolio realignment it expected to reduce headcount across the entire Sony Group, primarily in the electronics business, by approximately 10, 000 in the fiscal year ending March 31, 2013 ("FY12"), including approximately 3, 000 to 4, 000 in Japan.

ENGADGET: Sony restructuring in Japan: camera lens plant to close with loss of 2,000 jobs