Economists: Europe Is Headed For A Lost Decade

According to work by economists Peter Rupert and Thomas Cooley, none of Europe’s biggest economies have returned to their pre-recession levels except for Germany. As the New York Times noted, “The figures suggest that Europe is already well into what could become a lost decade — a period of pernicious stagnation and wasted potential that could have lasting effects on ordinary citizens.” The U.S. surpassed its pre-recession output in January 2011.