At stake is the future of Europe, where countries chanel replica rich and poor are struggling with mountains of debt and moribund economies -- a toxic combination that often seems to require contradictory remedies of belt-tightening and economic stimulus.

Increasingly, the long focus on austerity is convincing Europeans that the German-led mantra of fiscal responsibility is creating a vicious circle of more misery leading to lower growth -- leading to even greater debt distress.