For almost thirty years, both household and business credit mushroomed. In many countries, government debt mushroomed as well. This brought about 25 years of relatively stable growth, an era which was later called 'The Great Moderation'. Few economists noticed that the 'moderation' was just a consequence of the mighty credit boom.
However, at one moment it turned out that the credit growth was not healthy. The moment arrived in 2007-2009 in different countries. The credit glut was followed by peak credit.
Since then, much of the Western has been suffering from an economic stagnation. One of the main reasons of the stagnation is quite simple: there is no more room for credit growth now! The credit market is oversaturated and super-expansive policies of central banks can't change it.
Out of the whole Western world, only United States, Germany, Australia, Austria and Finland are not up to their necks in debt. Out of these countries, only US and Germany are big enough to work as world's economic drivers. Unfortunately, Germany stagnates, too, and the US economy is overtaxed and overregulated.
Now what? I'm afraid Europe is basically kaputt.