Biting the bullet, Euro style

Telegraph | Money | Reform your economies or 'Europe is finished' :
"The report, drafted by a 13-strong committee under the former Dutch premier Wim Kok, said Europe must take drastic action to halt its decline vis-a-vis America and the rising economic powers of China and India.
"While the conclusions have been toned down from drafts leaked to the press, it warns that the fatal mix of low growth, demographic decline and unfunded pensions threaten Europe with ruin.
"'What is at risk in the medium to long run is nothing less than the sustainability of the society Europe has built and, to that extent, the viability of its civilisation,' it says."

Now, if someone would just issue a report on how we in the US are slipping into Euro-sclerosis ...