Holger Schmieding, (2016), “The Euro Plus Monitor Spring 2016 Update”, The Lisbon Council, 22 Μαϊου
Europe can adjust. It has done so before. In the 1980s, Margaret Tatcher cured the “sick man of Europe.” In the 1990s, Scandinavian countries reformed their bloated welfare states. From 2004 to 2006, Germany turned its struggling economy into a new growth engine for Europe through serious labour market and welfare reforms. And, in many respects, the transformation of most postcommunist countries since 1990 dwarfed even these successful examples of change. At least in the economic sphere, Europe is making significant strides again. In the last six years, the financial crisis of 2008 to 2009, the euro confidence crisis of 2010 to 2012, and the ongoing process of globalisation have posed new challenges for all European economies. Step by step, major parts of Europe are coming to terms with these issues. However, progress is far from smooth. Some countries are lagging behind badly. And a recent slackening of adjustment progress among previous reform leaders in Europe highlights the risk that countries may still squander their hard-won gains if they reverse some of their key reforms.
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