If there is a term that can best describe the current climate in the Eurozone, it is “complacency”.
Markets are rising, bond yields are at an all-time low, growth estimates have improved and the European Union has triumphantly declared the end of the crisis, thanks to its “decisive action”.
There is no denying that the European Union is in recovery mode, and that is a positive.
Business confidence is rising, and manufacturing indices are in expansion.
However, the pace of said expansion has moderated in the past months, and challenges remain.
The biggest problem for the Eurozone is demographic.
The population is ageing rapidly, and in several countries that issue is compounded by a shrinking number…