The Atlantic: Europe’s Real Crisis

Megan McArdle writes in The Atlantic:

“Not one country on the Continent has a fertility rate high enough to replace its current population. Heavy debt and a shrinking population are a very bad combination.”

The Continent’s problems are as much demographic as financial. They won’t go away soon.

All of us can breathe easy now: policy makers and analysts finally agree on how to fix Europe’s problems.

“Europe Debt Crisis Plan Hinges on Economic Growth,” declared the Los Angeles Times in October, after finance ministers announced what felt like the hundredth plan to seriously, no-foolin’-this-time, really rescue the European Union’s illiquid and insolvent states. read more.

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