Will old Europe survive in the global economy of the future?

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Open this photo in gallery: The sun sets behind the banking district in Frankfurt, Germany, on April 21.Kai Pfaffenbach/Reuters Ludovic Subran is chief economist at Allianz. For all the indignation that Donald Trump’s policy pronouncements often generate, European business leaders do not seem much concerned about the prospect of another Trump presidency. Some even view it rather optimistically. Not even Mr. Trump’s expected unilateral trade moves seem to alter the equation much. That’s because Mr. Trump’s protectionist policies could provide European business leaders with political cover to help them justify shifting production out of Europe. The motivation to shift capital...