To say that Europe is doomed is an understatament, so much so that every European politician, banker, bureaucrat, and bean-counter has, over the past 5 years, taken at least one opportunity to deny and thus validate the statement.
But while there is cornucopia of reasons which foretell the collapse of the artificial monetary and pseudo-political union, whether it is the relentless deterioration in European output:
or the collapse in private lending, something the ECB is supposedly trying to fix with its latest TLTRO/Private QE...
or the mountain of private debt created since the Great financial crisis.
Eclipsed only by the amount of public debt created in the same period...
... one thing is clear: Europe is finished, though not for any of the above reasons but for a far more simple one, a reason very well-known to the Japanese - there simply won't be any Europeans left.
In retrospect perhaps it is time for Wolfi Schauble to take a stab at draft 2 of his famous FT scribe: "Ignore the doomsayers: Europe is being fixed," because, we are sad to report, the doomsayers are right: Europe is finished.