The independence vote in Scotland was an entertaining, if anti-climactic, interlude for those who follow European politics, but it was also a distraction from the real problems in that part of the globe.
However much a significant minority of Scots chafe at living in the United Kingdom, their future prosperity is at risk not from the long arm of London but from far more ominous indicators.
The blunt fact is that Europe appears poised to enter into recession again, and many nations seem ill-equipped to put in place measures that might reignite growth.
, “Germany and Italy both contracted 0.2 percent in the second quarter, compared with the first, official data showed, and the French economy stagnated yet again. The region was beginning to falter even before the latest round of tit-for-tat sanctions with Russia over Ukraine … .”
The economic situation is even worse on the periphery for countries such as Greece.
It may be that fiscal and monetary policies have been too tight, especially in the euro zone (which doesn’t include Britain), at the insistence of Germany. But as T , the problems go deeper.
“There is a shortage of political leaders with the courage and conviction to push through structural reforms to improve competitiveness and, eventually, reignite growth,” the British magazine argues. Perhaps even more alarming, “public opinion is not convinced of the urgent need for deep and radical changes.”
Unemployment — especially among young people — has improved slightly but in a number of countries remains at levels that would be considered catastrophic in the United States.
Meanwhile, even the specter of deflation appears a possibility.
No, the important problems in Europe — which could have dire consequences for the United States as well — are not restive minorities like the Scots. They are governments mired in the status quo.
