Europeans have lost the sense of clear and present danger. Once again,
European leaders believe that they are out of the woods. Well, miracles happen.
But it's my impression that the formula is being applied that promises the least
amount of success in the longer term and is the least painful -- a little reform
here, a little tinkering there, and a dose of business as usual. Europe will
not be buried by ashes, like Pompeii or Herculaneum, but Europe is in decline
for sure. It's certainly horrifying to consider its helplessness in the face of
the approaching storms. After being the center of world politics for so long,
the old continent now runs the risk of becoming a pawn.
Freedom, human rights, social justice are all wonderful, and I don't want
to minimize the achievements of European societies. But a role model? Europe is
much too weak to play a civilizing or moral role in world politics. Nice
speeches and well-intentioned admonitions carry little weight when made from a
position of weakness. In fact, all they do is aggravate China and Russia. Such
reproofs are presumptuous, insincere and, unfortunately, often ridiculous. Under
the current circumstances, Europe would be well advised to keep a lower
profile. I believe that Europe has largely squandered its moral credit. It
shies away from imposing sanctions; it has a very hard time intervening in
crises outside Europe; and it has even demonstrated its general impotence in
wars in its own backyard. Most European governments, not least the German
government, don't even have the guts to admit that they are playing a double
game.
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Business and consumers across the eurozone are less pessimistic about the economic climate, according to data just published by the European Commission.
Economic sentiment across the eurozone rose to 92.5 in July, from 91.3 in June, the EC reported. Better, but (understandably) still below the 100-mark average.
The data generally showed an improving situation, although the picture is clearly still tough:
• The industrial climate reading rose to minus 10.6, from minus 11.2.
• Services sentiment picked up to minus 7.8, from minus 9.6
And consumers remained nervous, with a sentiment reading of minus 17.4, from minus 18.8.
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