It is no secret that Europe is in a woeful state and continues to decline. It has long fallen from the peak of its economic success on the eve of the Great Recession. In those glory days before 2008 the EU’s GDP was running ahead of the US by about 11 per cent and was roughly 3.5 times larger that China’s. In purchasing power parity the advantage over the Americans was even bigger, at almost 30 per cent.
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