I wonder, is history repeating itself?  Over half a century ago my grandfathers had to leave their home country (Italy) in search of work.  Belgium, Spain, and I think France were some of the countries they went to, sending the pay cheques back home to wives and family.  Following the War, Australia opened its arms to foreigners and many, many people left Europe for the lucky country.

Does it speak anything that today these people left behind in these struggling European economies have nowhere to run to?  There's no new horizon for them to go in search of work and wealth.

What's changed in these countries since the 40s & 50s?

Oh man, this is not a billion but at least a million dollars question to answer. Banking system, social welfare, productivity, governance ... so many problems in Europe countries need to solve. EU seems a failed try. The hope is still in U.S. which I agree with the author. If U.S. economy is back to healthy growth, whole world will be benefited, incl. Europe countries as well. 

http://www.guardian.co.uk/commentisfree/2012/may/03/green-growth-nothing

Talking about growth returning "the way things were" is facile in the face of the environmental consequences.  Economic growth may return, but in doing so the established order may (should?) fall by the wayside.

You might be interested in these slides that Alan Kohler just pointed out on twitter: http://www.rba.gov.au/speeches/2012/pdf/sp-gov-130612-slides.pdf

+Michael Poloni Love these RBA statistics. You can see how lucky Australian are - "Earn more and more money; do less and less work; and your office is almost a few steps away to your home.'