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by: Ian Johnson, Wall Street Journal 2006-3-4

When I returned to Europe five years ago, the biggest story was simple: economics.

In a world of fierce economic competition, Europe was losing ground. Jobs were disappearing but new corporate titans weren’t springing up to create wealth. Asia’s rise threatened to eclipse Europe, turning it into a cuddly and comfy declining power.

Since then, however, it’s clear that Europe has ..