While the world contemplates reasons for and solutions to fickle global growth in Davos, European Union officials in Brussels are preoccupied with two significant tasks.

The first, arguably of short to middle-term importance, is preparing for the European Council on January 30.The second, more herculean challenge is of pushing through European integration, both fiscal and economic, which will likely keep Brussels busy through 2012 and well beyond.

Should Europe seriously falter along the way, however, there are some who fear "a lost decade" for the old continent.

"The eurozone will never have spectacular economic growth, but some growth can be assumed from 2014 or 2015," said Zsolt Darvas, research fellow at the Bruegel think tank in Brussels.

"But if the eurozone collapses, there will be a dramatic economic crisis, and then, indeed, the whole decade will be lost," he warned.

Some statistics seem to corroborate this worry. This week, the International Monetary Fund predicted the world would grow 3.3 percent this year, with advanced countries only expected to grow a modest 1.2 percent. The latter is, however, contingent on Europe finding a comprehensive solution to its sovereign debt crisis.

It is this "comprehensive solution" that has been sorely missing so far, feel analysts. A rollercoaster 2011 marked by one sovereign debt crisis after another meant the EU has focused predominantly on firefighting and paving the path for the colossal job of getting its member states' houses in order.