The economic trap is closing relentlessly on the Eurozone. Everyone was aware of the Japanese deflationary scenario. It was even condemned as the most dangerous economic hazard. Yet the Eurozone is taking this deadly route because of a lack of vision and political obstinacy.

Marc De Vos argues that the Olive-zone of Euro-land is trapped in a depressionary spiral. Austerity and reform are necessary but need to be complemented with a European investment plan. Failing to do so will moreover polarize elections beyond control.