Publication

This paper contributes to the debate on Europe's weak economic performance compared to the US. The author addresses the issues of productivity growth and economic models. He argues that pessimism about Europe's economic performance, which has led to calls for deep structural reforms in the EU, is excessive. According to the author, a significant part of the productivity growth differential between the US and the EU is cyclical and is already turning around. In addition, there are many areas in which the EU is structurally better prepared than the US to face the challenges of globalization.