I mean, it’s quite fragile.And so when you look at an extremely indebted economy like Italy, which, unlike Greece, is too huge to be bail out– it’s too big to bail. And today, it has a populist federal government. The economic course is looking pretty dicey.And so you could quickly think of a resumption of the
Eurozone crisis of a couple of years earlier. So, that’s stress number one in Europe. And the 2nd, as you pointed out, is migration, which has briefly abated. There was the big surge in 2015. And now– in 2016. But now that’s gone down. It will come back again.
And so I foresee that these arguments about migration, tensions over the single currency are going to come back, and it’s going to be tough for Europe.The ambitions of a few years ago were, let’s continue deepening.
Let’s continue even expanding. That has gone away. Source