Brian Blackstone
The Wall Street Journal
November 15, 2013
The euro-zone economy’s recovery from its long slump lost its momentum in the third quarter, compounding fears that Europe could get mired in a “lost decade” of stagnation, joblessness and political discontent.
Although growth is expected to improve slightly next year, the euro zone is still a long way from regaining the level of output and jobs it had before the financial crisis that began five years ago.
Years without growth, and the erosion of cherished social safety nets through austerity policies, are fueling public alienation from Europe’s political establishment. Voters are expected to punish mainstream parties in next year’s European Parliament elections, when protest parties including far-right and far-left populists are expected to make large gains across the region.
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