Europe fails to be world economic power

With economic crisis and the lack of growth in the Eurozone, “Europe is now placed third in a three-speed world economy, far behind emerging economies like China, Brazil, and India, and also significantly outpaced by the United States,” reports the daily, in the wake of the spring meeting of the IMF and the World Bank, which was held in Washington from April 19 to 21.

The objective, formulated by the EU in the year 2000, to become the world’s most competitive knowledge economy by 2010, has not been realised, complains the newspaper. Worse still, Germany’s Minister of Finance, Wolfgang Schaüble, has warned that “in the near future, growth will, at best, be between 1 and 1.5 per cent.”

Read this article in Dutch.

Reprinted with permission of Presseurop.