Europe is entering a crisis of unprecedented proportions. This isn't just an isolated incident, one bad company, this is a trend. It used to be that subsidies managed to balance out the over-regulation, high labor costs and powerful pressure groups Europe was known for. Now it's no longer the case.

There used to be a technological edge European countries (especially in the west) could rely on, which made them more suitable for some business. But now it's gone, almost everywhere. Exception is couple of important, but niche industries, which are seen as being of strategic interest (Airbus, ASML, Arianne). But they too feel the pinch now, as the supply chains get more fragile, new talent leaves, or doesn't even show up, and foreign powers prop up their own alternatives.

Add incapable, or shortsighted, political leadership, aging population, hostile, or at least unfriendly, neighbors and rising political extremism, and you get a particularly deadly mix.

Unfortunately, the top institutions have shown almost zero acceptance of the fact. In that sort of situation the only "hope" is that the collapse will be relatively quick, allowing for some rebuilding to start before the next decade ends. If we are lucky.