Clearly, the European left needs to re-invent itself. I'm not sure if the approach offered by parties like Podemos and SYRIZA is the correct one but it's more inspiring and certainly more "social democratic" in spirit than the tepid promises offered by the traditional parties of the center-left.
I think these parties are doing a good job by pushing new ideas like the universal basic income. It's not for tomorrow and they would probably not be able to implement it if they came to power in one or two years, but other revolutionary ideas like tax income, or paid annual leave were also very polarizing and took a long time to be accepted, and that's a kind of 'bright future' that makes people enthusiastic.