We finished 2011 with real GDP at 1.6 percent, compared to 3.1 percent in the prior year. Some of this weakness is perfectly understandable, given the unexpected shocks we experienced during the year. Yet, the economy persevered.
Europe will first have to demonstrate its usefulness by creating more growth and more jobs. But when you see the “every man for himself” approach to the migrant crisis, do you not despair of Europe? It is true that each country’s initial reaction followed national instincts. However, coordinated efforts are now gradually being made, and they will continue to evolve.