EU tries rebooting the economy
The bloc doubles down on debt - but with new strategies for job creation, sustainability and innovation.
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Singapore
THE recent freefall of the euro, untethered from the Swiss franc, underscored the dire straits of European economies mired in stagnation despite strenuous efforts for revival.
Over the four-year period from 2011 to 2014, the US economy grew 8.4 per cent, overshadowing the eurozone's 1.3 per cent, weighed down by contraction in 2012 and 2013. The hitherto uncontested idea of European integration is under fire. Even before the Charlie Hebdo murders and new concerns about terrorism hitting Europe, disappointment was palpable that prosperity has not resumed. In a populist narrative, immigrants are scapegoats. Debt haunts Europe with uncertainty about Greece and the decisive win of the anti-austerity Syriza party. Russian President Vladimir Putin has handily split the fragile consensus around the European Union (EU) response to the intervention in Eastern Ukraine.
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