Europe’s resilience, proven during two rebounds from two recessions, seems to be weakening. We predict a more anemic back-and-forth for Europe between now and 2022. This ennui owes to Brexit and the uncertainty around the EU, which endangers any fragile recovery. Add to that a half-dozen major elections this year in Europe. Political and policy uncertainty stifles the investment that is needed for growth. Businesses would do well to foster the EU and the single market, to leverage their diverse workforces, and to invest in digital technology.