BancaMarch : The year-on-year rates for the fourth quarter of 2023 are a clear example of divergence, with -1.2% in the eurozone and +2.6% in the US. In the longer term, the growth differential between the two regions has also been observed.
Comparing output per hours worked since 2019, the US grew by more than +6% compared with +1% for the euro area as a whole. ECB member Isabel Schnabel warned last month how urgent it is for eurozone leaders to close the productivity gap, partly threatened by the differential in technological progress and high energy prices.
Among the actions proposed to regain competitiveness, he warned of the need to reduce dependence on fossil fuels and accelerate the green transition.
