Summary Box: Crisis threatens Europe's way of life
NEW DAY: The European landscape is undergoing profound change — from its sophisticated lifestyle to its cherished welfare benefits like guaranteed health care and a secure retirement, to a sense among many Europeans of being the world's elite.
WELFARE STATE: The cradle-to-grave welfare system that was a pillar of European life for decades is being scaled back from one austerity package to another. Retirement ages are being raised past 65 in many countries.
PERCEPTIONS: The world still admires French art, Italian food and Spanish soccer. But in the global economy, sluggish Europe is looking less attractive when compared to fast-growing emerging economies such as China, India and Brazil.
