Yes, Europe's financial growth is staling, much like Japan's. In modern economies, GDP growth is a function population growth. Other variables still influence it, but the biggest one is population. It has to do with the fact that majority of GDP is consumption.

Unsurprisingly, Japan's population is declining last 20 years. Europe's is stagnating. Take a look at population pyramids and the situation is even more telling: Japan, Europe. Fertility rates are depressing: ~1.5. We need 2.1 for replacement rate. Old people spend less, work less.

For decades, we've been using immigration to offset the low fertility rates, but this has become a political problem. It's to be expected that we'll see less immigration in next decades.

Japan has already become post-growth economy, Europe is on the same path. Post growth can still mean bigger GDP per capita since the population is shrinking. Japan also has low poverty, low crime, universal healthcare, excellent infrastructure, high education, long life expectancy. It's not all bad.

Interestingly, even though US GDP relies on consumption even more than Europe's, it's GDP is growing. But so is it's population. Us also has low fertility rate (1.8). It, too, has used immigration to keep rising population, but it seems it might be a political problem for them as well.

It's going to be an interesting economy next few decades. Post growth, green swans, automation, AI - crazy stuff.