It just seams to me that Europe is not in such a bad shape, please correct me if I am wrong.
1) For decades (Western parts) they kept high taxes on energy, this forced urban planning to be designed in a sustainable method where villages and cities allowed people to be productive and prosperous with out a car, and more important consume less energy per person when you factor in housing, heating/cooling, food, transport and so forth.
2) Now that decades of good planning have created this BASE, simply ease off a little on energy taxes. The governments receivables may drop a little, but the inertia with it past urban planning will continue.
3) If they lowered energy taxes, this would add more liquidity to the EU market. In doing so, this would fuel the economy and avoid a recession, and then the ECB has every right to increase interest rates, just a tad.
4) If interest rates go up, then the Euro is strong at which it would be easy to purchase energy.
Sure, a stronger Euro would allow jobs to leave to 3rd world nations like the US (I say this reluctantly), but productivity, if measured by energy units would be higher in the EU than places like the US because of the decades of high energy taxes.
Conclusion: It just seams to me that they could drop energy taxes maybe 20% and there would be a decades of stability in the EU. Despite the PO is real, I do not believe the EU would disintegrate like the US is facing. The US has an entire economy, infrastructure, and mind set that not only demands cheap energy, expects cheap energy, but can't survive with out cheap energy.
I live in the US but have clients in the EU and get paid in Euro. And over the last couple of years I'm seeing more and more demand for my services. Unfortunately, it looks to me like the US will eventually be Europe's India.
My trips to Europe were very impressive, right down to the subways in Paris where the train actually have rubber wheels which make the ride very smooth.
From Europe, across Russia to Asia, this maybe a great place to live as the die off accelerates. When I say great, I mean, just to survive.