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In his new book, The Re-emergence of Europe, World Economic Forum Founder and Executive Chairman Klaus Schwab examines the events that have led to Europe’s current challenging political and financial climate. By looking at potential solutions | WORLD ECONOMIC FORUM COMMITTED TO IMPROVING THE STATE OF THE WORLD The Re-emergence of Europe Professor Klaus Schwab Founder and Executive Chairman of the World Economic Forum 2 THE RE-EMERGENCE OF EUROPE TABLE OF CONTENTS 1. INTRODUCTION 5 2. A SHORT HISTORY OF EUROPE 9 3. DECLINE 17 3.1. The Debt Overhang 18 3.2. The Banking Crisis and Its Collateral Effects 23 3.3. The Competitiveness Deficit 29 3.4. Institutional Failure 35 3.5. The Disintegration of Common Values 39 3.6. The Erosion of Global Credibility 43 4. RE-EMERGENCE 45 4.1. Exiting the Euro A Bad Good Idea 46 4.2. Fiscal Discipline and Economic Growth 50 4.3. Rebalancing and Conditions for Sustained Growth 54 4.4. Restoring Europe s Competitiveness 60 4.5. Strengthening European Institutions 66 4.6. Reintegrating Europe s Youth 68 4.7. Nurturing an Ideal and Rebuilding a Global Brand 73 4.8. Progress 77 5. CONCLUSION 83 NOTES 87 THE RE-EMERGENCE OF EUROPE
