An Aging Europe in Decline
As important as good economic policies are, they will not fix Europe’s core problems, which are demographic, not economic. This was the point made in a speech to the European Parliament in November by none other than Pope Francis. As the pontiff put it, “In many quarters we encounter a general impression of weariness and aging, of a Europe which is now a ‘grandmother,’ no longer fertile and vibrant.”
.. It is true that good monetary and fiscal policies are important. But the deeper problems in Europe will not be solved by the European Central Bank. No matter what the money supply and public spending levels, a country or continent will be in decline if it rejects the culture of family, turns its back on work, and closes itself to strivers from the outside.