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IMO, this sharp decline is only due to Europe's extra involvement in the Russia-Ukraine conflict. Now it's not that steep but still falling. I also agree that debt pressure, impending recession and misleading policies have their say on this. But the real cause is always found where it all started.
IMO, the fall of greatest European empires have actually started in 2002.
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yes, the involvement in this war has indeed been a great tragic mistake. european societies are neither capable of war nor economically strong enough to participate.
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