• The eurozone is resembling Japan’s lost decades ever closer on a host of metrics, including demographics, growth, inflation, yields and debts. In some respects, the eurozone crisis actually resembles the Great Depression of the 1930s.
• If policy makers do not respond to this crisis, things are likely to get worse rather than better.
• Japan responded with new policy initiatives, getting it out of deflation; its stocks remain a better bet until the ECB wakes up.

The Japanification Of Europe | Seeking Alpha