We are already familiar with the idea that economic power is moving east. In the last few decades, the Tiger economies, with their turbo-charged growth, low debts and modest government spending, have all easily out-stripped the more sluggish economies of the West.
When we say power and wealth are moving east, we usually mean the Far East. But without anyone noticing very much, a similar shift is now underway in Europe as well. East European capitals such as Warsaw, Prague and Bratislava are now wealthier than Vienna, according to research by the Brussels-based think-tank Bruegel.
It is now nearly a quarter [...]
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