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Europe Can Be Optimistic—in the Long Term

Nixon, S., (2014), “Europe Can Be Optimistic—in the Long Term”, The Wall Street Journal, 26 Ιανουαρίου.

How one thinks about the outlook for Europe depends partly on whether one regards high unemployment, rising inequality and loss of trust as a leading or lagging indicator. Has the European economy undergone a structural shift in which case high unemployment and growing inequality could be harbingers of worsening political instability? Or do today’s difficult conditions simply reflect deep recessions in some countries, themselves the result of domestic policy failures over many decades, compounded by the severe shock to confidence caused by the Greek debt crisis?

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