Wakeup Call for Europe

Wakeup Call for Europe. YaleGlobal. Philippe Legrain. August 5, 2014.

“Europe isn’t just falling further behind the United States; it also faces ever-greater competition from China, India, Brazil, Mexico, Turkey, Korea and other emerging economies, not just in lower-end manufacturing but also in higher-tech sectors,” writes economist Philippe Legrain. Depressed demand, poor productivity and an aging population put the continent on a path for decline. But rather than support radical reforms, many voters endorse extreme policies that target immigrants. Leadership has been clubby and class-based, he contends. Instead, the continent needs bold leaders who could tackle Europe’s real problems of vested interests, crony capitalism, troubled banks and unsustainable benefits. Political entrepreneurs and a grassroots movement must vigorously pursue accountability and boost productivity, wages and optimism. [Note: contains copyrighted material].

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