Coalitions of the dispossessed

In Europe, the most lasting legacy of the financial crisis looks set to be the change in the political landscape — specifically the rise of populism. Such reactions take time to evolve, but they threaten to become as disruptive to the traditional order as the financial crisis itself. What needs to be done looks simple enough, tackling the structural inefficiencies that awoke the populist fringes in the first place. This will create the growth and opportunity the European project promised at its inception. But this requires a policy shift. Without one the euro is doomed.

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