LONDON – The recent European Parliament elections were dominated by disillusion and despair. Only 43% of Europeans bothered to vote – and many of them deserted establishment parties, often for anti-EU extremists. Indeed, the official results understate the extent of popular dissatisfaction; many who stuck with traditional parties did so reluctantly, faute de mieux.
There are many reasons for this political earthquake, but the biggest are the enduring misery of depressed living standards, double-digit unemployment rates, and diminished hopes for the future. Europe’s rolling crisis has shredded trust in the competence and motives of policymakers, who failed to prevent it, have so far failed to resolve it, and bailed out banks and their creditors while inflicting pain on voters (but not on themselves).