Europe is floundering and must modernize as extremists emerge

The big picture

The single market on which the economy is built needs a complete rethink if it is to compete with the booming US and growing Asia.

Your economy is in the doldrums and much of your industry is stuck in the 20th century. Your political center position is being undermined from right and left, your farmers are angry and your population is aging. There is a war on your doorstep that has shattered your security assumptions. Oh yeah, and you have no money.

Europe is struggling, just before the elections. From recession in Germany to the war in Ukraine, battles…