The three arrows in Abenomics are fiscal spending, deregulation of cosseted sectors of the Japanese economy, and monetary easing.

These reforms must aim to boost greater workforce participation by women induce corporations to invest more at home and increase competition in cosseted sectors of the economy.

This is not, needless to say, because Europeans crave the rigors of America s less cosseted social conditions, but because it s the only way that European governments will be able to stay afloat financially.