bgranville28_ALAIN JOCARDAFP via Getty Images_yellow vests paris Alain Jocard/AFP via Getty Images

Europe’s Complacency Trap

Members of the EU establishment should not read too much into failures of “populist” governance. Until the bloc can devise institutional arrangements that allow for consistent, equitable growth, crises will keep coming – and so will anti-establishment challengers.

LONDON – COVID-19 has wounded almost every developed country, but the truth is that living standards in many of them had been stagnating or declining for years. Many metrics highlight this trend, but perhaps the most telling comes from the OECD, which reports a 4% decline in household median net wealth across its member countries since 2010.