Europa, como siempre

De Ambrose Evans-Prichard, en su artículo de hoy: 

It will become clear again that Euroland has resolved nothing. The fatal pathologies - lack of fiscal union, lack of a banking union beyond the name, the one-side adjustment imposed on the South, Germany’s unpunished current account surplus - have merely been veiled by QE and the Draghi Put.

None of the elections in Holland, France, or Italy will bring an anti-euro government to power, but they will come close enough to rattle nerves and drive the euro below dollar parity.

The parliamentary balance of power will shift, greatly weakening the ideological lockhold of the Maastricht elites and free movement purists. Alternative fur Deutschland will make it into the Bundestag. The centre-Right will harden everywhere to stop leakage to the populist fronts.

Esto me lleva a preguntarme si el análisis alternativo que se suele hacer (vamos a crecer tanto, Europa lo hará mejor que EEUU, estamos mejorando por momentos, etc) tiene algún sentido, aunque los actuales datos no refutan eso. Hay condicionantes que no van a desaparecer, aunque no selos quiera mirar de frente.