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The European economy(sans new eastern european countries)has very deeprooted problems. The real players are not politicians, but labor unions that control everything from wages to benefits. It is overregulated. They are sitting ina leaky boat with spoons to bail out the water. Every attempt by the politicians to make changes is immediately opposed by Labor demanding more and more, even though the unemployment is increasing. Today there is no foreign investment in Germany because of high cost of doing business. The Eastern countries are getting investment and the "old Europe" is trying to bring them into the fold and milk them for all they are worth. If you read the proposed "Constitution" you will see that the "Compassionate Slave Market" is alive and well.
Throw in the politicians who are only attempting to patch the holes created by Socialism. No one is able to completely overhaul the system (which is needed). After all, can you imagine anyone campaigning on slashing wages and benefits and be able to win?

You make some very good points, all correct!

There seems to be no politician on that scene which can overcome the inertia or thrust of the Labor/Green/Socialist coalitions and turn things around.

It will take hard, hard events to do that. IMHO, it is questionable they can subsequently survive the coming upheavals as democratic societies to take proper action afterwards. Otherwise, they face more rounds of totalitarian and fascist regimes.

"can you imagine anyone campaigning on slashing wages and benefits and be able to win?"

Sure. Happens all the time. They just call it "devaluation", or "accomodative monetary policy", or even "low interest rates". Pay people monopoly money and real wages go down. They say they are "stimulating the economy". What is "stimulating" it is falling real wages, reducing the lopsided craziness government and labor impose. Lying is easy when people are economically so ignorant.