Sooner or later EU denial must give way to gut-wrenching reform. The longer the delay, the greater the pain for the Lost Generation.

The precipice of relative poverty never looks very threatening. Thus, despite mass eurozone youth unemployment and a 12 percent rate overall, Europe retains a facade of relative prosperity. However, the UK and US economies are growing with gusto, surpassing pre-recession peaks. Europe is sliding, still 2.5 percent below the 2008 peak with a trans-Atlantic growth deficit of 2.5 percent per annum. Compound growth is creating an ugly mountain for Brussels to climb.