There is a growing consensus that austerity is contributing to the Eurozone’s macroeconomic malaise, but also that spending cuts are needed in the long run to achieve fiscal sustainability. Some commentators have advocated a temporary tax cut financed by unsterilised ECB purchases of long-term public debt, accompanied by a commitment to future spending cuts. This article argues that such commitments are simply not credible – especially given the moral hazard problem created by central bank monetisation of debts. No Shortcuts to European Recovery