By Alan Wheatley – If Europe wants first-class infrastructure and a comprehensive welfare state without piling up ever more debt, governments need to shake up working habits to generate the growth that spins off tax revenues.
“Even if Europe were firing on all cylinders, it would be one of the slowest growing regions in the world,” said Douglas Roberts, chief international economist at Standard Life Investments in Edinburgh.
The rise of China and India, of Brazil and Turkey, deals a double blow to Europe.
They can manufacture more cheaply, signing the death warrant of many labor-intensive industries in Europe and keeping a lid on wages. more> http://tinyurl.com/c7rrovm
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