Europe has reason to feel cheerful but it must oppose protectionism

When describing the condition of the European Union, many are inclined to recite a long list of crises facing Europeans. Apart from the fallout from the Brexit vote, mass migrations of displaced people, terrorism, changes in leadership and other events, they usually claim Europe is still in economic recession.

This is an old story, however.

Going by the many economic figures and predictions, Europeans have reason to enjoy Christmas and the New Year. Put simply, after years of hard efforts to save some countries from bankruptcy, building up its own financial firewall, introducing tighter fiscal and banking regulations and injecting stimulus projects, the EU has left such crises behind.