WSJ: Europeans Are Getting Poorer

An American newspaper revealed that the Europeans are facing a new economic reality that they have not seen in decades, as they have become poorer.

"The Wall Street Journal (WSJ)" pointed out that the European continent, which has long been envied by outsiders because of its high standard of living, has begun to witness a sharp decline in the purchasing power of consumers.

And the US newspaper gave many examples, including that the French are eating fewer pancakes and drinking less red wine, the Finns use steam baths only on windy days when energy is less expensive, and throughout Germany, meat and milk consumption has fallen to its lowest level in three decades as well. The once-thriving organic food market has declined.

Italian Economic Development Minister Adolfo Orso also held a crisis meeting in May over the prices of pasta, the country's favorite staple, after it jumped at more than double the national inflation rate.