This isnt the stuff of gloomy philosophical contemplations, but a fact of Europes new economic landscape, embraced by sociologists, real-estate developers and ad executives alike.
主干:This isnt the stuff..., but a fact...
not...but...连接两个并列的名词词组,在句中作表语。两个词组都有相应的修饰成分,修饰stuff的是of介词短语;修饰fact的既有of介词短语,还有过去分词短语embraced...。
译文:这并不是悲观的哲学沉思的东西,而是社会学家、房地产开发商和广告主管都欣然接受的欧洲新的经济现象中的一个事实。