"Important though these immediate challanges are, the long term problems that will confront Europe once the recession is over are no less weighty. If financial capitalism of the now discredited variety will no longer make a lagre contribution to growth, Europe´s prosperity must come from other sources where it is not at present a world leader - business innovation, labour productivity an education.
But the mood in Europe is turning against economic liberalism and in favor of a more avtive role for the state. Thursday´s summit may not address this, but the question for the future is weather the new mood will supply the dynamic, entrepreneurial outlook necessary to keep Europe prosperous".
Source: FT
