Europe: Is the Economic Crisis Abating?

Europe's economic situation may not be improving, but currently it is not degrading as dramatically as it once was. Indeed, several recent surveys and economic data seem to have instilled a sense of optimism over Europe's economic future. Europe may be transitioning from a period of fast economic decay to a period of relative economic tranquility, but the Europeans' success in stabilizing the financial aspect of the crisis belies the fact that high unemployment and its indirect consequences, including decreased consumption and reduced credit, are still as dangerous for the future of the Continent as ever.