Klaus: Europe to face “lost decade”

14-11-2011

President Václav Klaus has said that Europe including the Czech Republic is likely to experience “a lost decade” as a result of its deep financial and economic crisis. In an article for the weekly Týden, Mr Klaus blamed the situation on the “organization of the European Union” where “the dictate of politics prevails over economy”. Unless Europe undergoes a deep transformation, Mr Klaus says, it will experience economic marginalization. Mr Klaus likened the “lost decade” he envisages to the 1990s in Japan – a “decade without economic growth, with permanent cuts, austerity measures and social unrest”. Mr Klaus’s views are often labelled as Eurosceptic but he himself prefers the term Eurorealist.