"Is Europe truly recovering?"

 

"Nobel laureate Paul Krugman wrote an opinion article last Sunday arguing that Europe is recovering steadily from the 2008 financial crisis. 

Indeed, graphs and numbers suggest as much. 

But we should be skeptical whether this economic recovery will result in widespread economic gains, and even more skeptical that it will suppress Europe’s political shift to the far right.

Underneath the graphs and numbers, there is a much quieter story of daily struggle and disappointment. People are hesitant to believe that Europe’s future is bright. 

Even the International Monetary [Fund, the IMF] admits that income inequalities grew across generations in Europe. In the meantime, the rich are getting richer worldwide, boosting income inequalities even further. How can we call this a recovery if its gains go so disproportionately to the very top?

Even Krugman’s analysis acknowledges an exception: Greece. This raises additional challenging questions. 

How can Europeans really and truly recover if some countries are left with strict austerity for decades to come? Is Europe a ‘success story’ if youth unemployment is at 40% in Greece? 

This, of course, under the economic stewardship of the troika."

Read more from DiEM25 member Aris  here.