Europeans have begun to live in a new economic situation that they have not faced in decades.
An article in the American edition of The Wall Street Journal notes that Europeans are facing a new economic reality that they have not seen for decades.
Europeans are becoming poorer. In addition, life on the continent is rapidly losing its luster as citizens of European countries see "their purchasing power melting away," the piece says.
According to the paper, the French are now eating less foie gras and drinking less red wine. Spaniards are saving on olive oil, and Germans have reduced their consumption of meat and milk to a record low for the last 30 years.
The preconditions for the current situation have been ripe in Europe for a long time, according to the authors of the publication. They noted that Europeans tend to work less and earn more, which has a significant impact on the region's economy. The high cost of energy and products has only exacerbated the emerging crisis. The actions of European governments have worsened the financial situation of consumers, the publication added.