Major Europe leaders limping along

But the real reason for falling popularity is that Europe's leaders failed to explain to their electorates why these measures are required. Nor did they articulate a convincing vision of Europe's future.

Europe's cradle-to-grave social welfare system is no longer affordable. But instead of a cool discussion about alternatives, Europeans are led to believe that a temporary belt-tightening is all that is needed before prosperity returns.

Dr Merkel, Mr Sarkozy and Mr Berlusconi made grand speeches about the dawn of a new age of “responsible capitalism.” But they had no idea what this meant, and little influence over the global economy.

Two years after banks were warned that they must “clean up” their act and “serve the people,” Europe's financial institutions are lining up for another bout of government handouts, while top bankers continue to earn huge amounts.

Most of Europe's talk about the creation of a new global system of financial supervision has remained just that. And Dr Merkel, who initially vowed that Germany would not squander its money on subsidizing failing European states, ultimately offered bankrupt Greece the biggest single bailout in the continent's modern history. It's no wonder people now refuse to believe anything their politicians say.

Under normal circumstances, such errors would have resulted in a surge of support for left-wing opposition parties. But socialist movements throughout Europe have failed to capitalize on this opportunity. Divided, bereft of new ideas and plagued by a bad history of economic management, socialist parties in France, Germany and Italy seem destined to languish on the opposition benches.

However, brand-new political movements or old splinter parties which never had any experience of government are now enjoying a sudden boost. The Northern League nationalist movement in Italy, the National Front in France, the Greens and Communists in Germany — all are attracting those who no longer trust either the left or right of old politics.

The risk of political fragmentation in Europe is very real. The German Parliament, which used to have only three parties, now has five. Future parliamentary elections in France are certain to produce a similar split.

The only consolation for Europe's current top leaders is that none of them has to face re-election before 2012. There is time to regain the initiative.

Yet there is also the danger that Europe will limp on, led by people who are deeply unpopular but who cannot be replaced because the alternatives are much worse.

Mr Jean-Claude Juncker, the Prime Minister of tiny Luxembourg, once summed up the predicament in one brilliant sentence. “We all know what to do,” he said about his fellow politicians, “but we don't know how to get re-elected once we have done it.”

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