End of an era

What the Harry Potter generation read next.

Let us imagine, for a moment, that your life is being novelised as a coming-of-age story for young adults. Let us also suppose that the author plans to centre the novel on the climactic moment where you finally realise your childhood is over and a world of responsibility beckons. How did your childhood end? Can you picture the scene? Was it one specific moment? Two? You saw both of mine live on television.

It is likely that ours will be remembered as the generation that smashed the windows of Foot Locker. But perhaps I can convince you to remember us also as the generation that formed orderly queues outside Waterstones and waited, dripping with excitement and rainwater, for the last Harry Potter book? When you saw us on the news, you were watching our childhoods end. We were in denial, though; cries of "we still have three films left!" were stifled only this summer, when you saw us in Trafalgar Square, waiting for Harry Potter and the Deathly Hallows: Part 2.

So our childhoods really were over, and when things in the real world got too scary, there was nothing left of Harry Potter's world to hide in. We are a generation that needs fantasy. Unfortunately, it is likely you will remember us fulfilling this need with fantastically violent video games. But perhaps I can convince you to remember us also pulling fantasy novels off shelves and reading them on bookshop floors.

With Potter finished, the great hunt for more fantasy began. We re-read Philip Pullman's His Dark Materials. We tried Twilight along with everyone else, but slightly snobbishly turned our noses up at it, tweeting and blogging Stephen King's quote: "Harry Potter is about confronting fears, finding inner strength and doing what is right in the face of adversity. Twilight is about how important it is to have a boyfriend." We tried Paolini's Inheritance Cycle, but having grown up with Hermione, Luna and Mrs Weasley as strong female role models, we struggled with female fantasy characters who existed only as a fantasy for teenage boys. Exasperated, we wondered if we were just too old.

But as the withdrawal grew worse, we finally found our fix. All three installations of Suzanne Collins's The Hunger Games trilogy had been published by 2010 and we hadn't read any of them, it seemed no one had read any of them. Someone prominent amongst the Potterheads tweeted or blogged or vlogged about it and suddenly it went viral. We were all talking about it, breathless and excited in the way we used to be. It was hypnotically fast-paced, set in a world so close yet so far from home, the heroine was full of flaws and so was the love story. There were characters of every age to adore and abhor. And were those some morals hiding between the lines? We had grown so used to feeling guilty about "fast-paced books" and "easy reads" - ' but, just as Potter had been, this was different and we handed it to our little brothers in the hope they would learn something from it.

Perhaps you will remember us as the generation that refused to pay for our music, but please remember that we also continued to spend our pocket money on books. They cost about £3 each on the Kindle - I downloaded and read three books in four days, then called a friend of mine and instructed him to do the same. "OK," he said, "I'm busy. I'll take a look later." My voice rose a little. "You don't understand. This is a book recommendation." The Potter generation is a tough crowd to please; I thought he might take me a little more seriously. "Yeah OK, I'll look it up later." I gripped the phone a little tighter. "I am recommending this book to you because I haven't been this excited about new fiction since Harry Potter." He was silent for a moment as he processed this. "OK. I'm buying it right now."

You see, teenagers don't use Twitter, Blackberry Messenger and "word of mouth" just to pass messages of fear and violence, but also to pass the message that magic, hope and excitement can still be found between the covers of a hardback novel.

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Leader: The unresolved Eurozone crisis

The continent that once aspired to be a rival superpower to the US is now a byword for decline, and ethnic nationalism and right-wing populism are thriving.

The eurozone crisis was never resolved. It was merely conveniently forgotten. The vote for Brexit, the terrible war in Syria and Donald Trump’s election as US president all distracted from the single currency’s woes. Yet its contradictions endure, a permanent threat to continental European stability and the future cohesion of the European Union.

The resignation of the Italian prime minister Matteo Renzi, following defeat in a constitutional referendum on 4 December, was the moment at which some believed that Europe would be overwhelmed. Among the champions of the No campaign were the anti-euro Five Star Movement (which has led in some recent opinion polls) and the separatist Lega Nord. Opponents of the EU, such as Nigel Farage, hailed the result as a rejection of the single currency.

An Italian exit, if not unthinkable, is far from inevitable, however. The No campaign comprised not only Eurosceptics but pro-Europeans such as the former prime minister Mario Monti and members of Mr Renzi’s liberal-centrist Democratic Party. Few voters treated the referendum as a judgement on the monetary union.

To achieve withdrawal from the euro, the populist Five Star Movement would need first to form a government (no easy task under Italy’s complex multiparty system), then amend the constitution to allow a public vote on Italy’s membership of the currency. Opinion polls continue to show a majority opposed to the return of the lira.

But Europe faces far more immediate dangers. Italy’s fragile banking system has been imperilled by the referendum result and the accompanying fall in investor confidence. In the absence of state aid, the Banca Monte dei Paschi di Siena, the world’s oldest bank, could soon face ruin. Italy’s national debt stands at 132 per cent of GDP, severely limiting its firepower, and its financial sector has amassed $360bn of bad loans. The risk is of a new financial crisis that spreads across the eurozone.

EU leaders’ record to date does not encourage optimism. Seven years after the Greek crisis began, the German government is continuing to advocate the failed path of austerity. On 4 December, Germany’s finance minister, Wolfgang Schäuble, declared that Greece must choose between unpopular “structural reforms” (a euphemism for austerity) or withdrawal from the euro. He insisted that debt relief “would not help” the immiserated country.

Yet the argument that austerity is unsustainable is now heard far beyond the Syriza government. The International Monetary Fund is among those that have demanded “unconditional” debt relief. Under the current bailout terms, Greece’s interest payments on its debt (roughly €330bn) will continually rise, consuming 60 per cent of its budget by 2060. The IMF has rightly proposed an extended repayment period and a fixed interest rate of 1.5 per cent. Faced with German intransigence, it is refusing to provide further funding.

Ever since the European Central Bank president, Mario Draghi, declared in 2012 that he was prepared to do “whatever it takes” to preserve the single currency, EU member states have relied on monetary policy to contain the crisis. This complacent approach could unravel. From the euro’s inception, economists have warned of the dangers of a monetary union that is unmatched by fiscal and political union. The UK, partly for these reasons, wisely rejected membership, but other states have been condemned to stagnation. As Felix Martin writes on page 15, “Italy today is worse off than it was not just in 2007, but in 1997. National output per head has stagnated for 20 years – an astonishing . . . statistic.”

Germany’s refusal to support demand (having benefited from a fixed exchange rate) undermined the principles of European solidarity and shared prosperity. German unemployment has fallen to 4.1 per cent, the lowest level since 1981, but joblessness is at 23.4 per cent in Greece, 19 per cent in Spain and 11.6 per cent in Italy. The youngest have suffered most. Youth unemployment is 46.5 per cent in Greece, 42.6 per cent in Spain and 36.4 per cent in Italy. No social model should tolerate such waste.

“If the euro fails, then Europe fails,” the German chancellor, Angela Merkel, has often asserted. Yet it does not follow that Europe will succeed if the euro survives. The continent that once aspired to be a rival superpower to the US is now a byword for decline, and ethnic nationalism and right-wing populism are thriving. In these circumstances, the surprise has been not voters’ intemperance, but their patience.

This article first appeared in the 08 December 2016 issue of the New Statesman, Brexit to Trump