The economics blogosphere has been agitated for several days by a just-released paper exposing errors of calculation and judgment in a 2010 NBER working paper by Ken Rogoff and Carmen Reinhardt purporting to show that countries that carry a debt/GDP ratio above 90% suffer from sharply lower growth. This paper has often been cited by European officials as justification for the austerity policy imposed on the countries of the Eurozone. Matt Yglesias has a good summary of the controversy here. Paul Krugman weighs in here, here, and here.
It is no doubt too much to hope that this debate will alter the settled views of policymakers, but with anti-austerity sentiment on the rise everywhere in Europe, it can't hurt.