Less prosperity in Europe

The industrial states are growing continually weaker in comparison to the emerging economies, writes the liberal-conservative daily Neue Zürcher Zeitung, and Europe, the US and Japan are menaced by a decline in prosperity: "Above and beyond unresolved inner-European problems, the industrial countries not only face increased competition from the emerging economies but also unprecedented demographic problems. Never before have nations been confronted with such an ageing phenomenon, and many countries are financially unequipped. The US and Europe are now hard put to follow the good advice they gave to developing and emerging countries concerning budget policy during earlier crises. Whatever else is true, the budget situation in many industrial countries is considerably worse than in most emerging economies. As a result of this and the major debts incurred during the last financial crisis the West has lost much of its function as role model for other economies."

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