{"id":6587,"date":"2023-12-04T17:27:40","date_gmt":"2023-12-04T16:27:40","guid":{"rendered":"https:\/\/lecercledeseconomistes.fr\/articles\/%cat-post-theme%\/the-reasons-for-the-disconnect-between-the-united-states-and-europe\/"},"modified":"2024-04-17T12:37:12","modified_gmt":"2024-04-17T10:37:12","slug":"the-reasons-for-the-disconnect-between-the-united-states-and-europe","status":"publish","type":"blog","link":"https:\/\/lecercledeseconomistes.fr\/en\/articles\/macroeconomics-public-policy\/the-reasons-for-the-disconnect-between-the-united-states-and-europe\/","title":{"rendered":"The reasons for the disconnect between the United States and Europe"},"content":{"rendered":"\n<div class=\"wp-block-group section-content-layout-without-cover is-layout-flow wp-block-group-is-layout-flow\">\n<div class=\"wp-block-columns is-not-stacked-on-mobile is-layout-flex wp-container-core-columns-is-layout-9d6595d7 wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:33.33%\">\n<div class=\"block--post-meta\" >\n\n    <ul class=\"block--post-meta-list\">\n\n        \n            <li>\n                <p class=\"style-p-secondary-bold\">date<\/p>\n                <time datetime=\"2023-12-04T17:27:40+01:00\"class=\"style-p-secondary-normal\">4 d\u00e9cembre 2023<\/time>\n            <\/li>\n\n            <li>\n                <p class=\"style-p-secondary-bold\">update<\/p>\n                <time datetime=\"2024-04-17T12:37:12+02:00\" class=\"style-p-secondary-normal\">17 avril 2024 \u00e0 12:37<\/time>\n            <\/li>\n\n            \n            <li>\n                <p class=\"style-p-secondary-bold\">author<\/p>\n\n                <div class=\"container__authors\">\n\n                    \n                        <a class=\"style-p-secondary-normal\" href=\"https:\/\/lecercledeseconomistes.fr\/en\/presentation\/members-and-authors\/members\/valerie-mignon\/\">Val\u00e9rie Mignon<\/a>\n        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13.6261 11.133 13.7041C9.764 15.1131 8.399 16.5251 7.034 17.9371L7.035 17.9391ZM8.059 8.30412C8.043 8.28412 8.03 8.26212 8.014 8.24012C8.048 8.19612 8.095 8.21612 8.135 8.21612C8.596 8.21412 9.057 8.21812 9.518 8.21312C9.621 8.21212 9.685 8.24212 9.746 8.32212C10.664 9.50912 11.585 10.6941 12.505 11.8791C13.993 13.7961 15.482 15.7121 16.97 17.6291C16.99 17.6551 17.008 17.6831 17.044 17.7351C16.504 17.7351 15.991 17.7351 15.478 17.7351C15.413 17.7351 15.387 17.6921 15.356 17.6521C14.356 16.3711 13.357 15.0891 12.357 13.8081C10.925 11.9731 9.492 10.1391 8.059 8.30412Z\" fill=\"#5C5B5C\"\/>\n<\/g>\n<\/svg>\n            <\/a>\n        <\/li>\n        \n\n        <li>\n            <a href=\"https:\/\/www.linkedin.com\/sharing\/share-offsite\/?url=https%3A%2F%2Flecercledeseconomistes.fr%2Fen%2Farticles%2Fmacroeconomics-public-policy%2Fthe-reasons-for-the-disconnect-between-the-united-states-and-europe%2F\" title='Partager sur Linkedin' target='_blank'>\n                \n                <svg 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18.7362V11.1462H12.8198V12.1112C12.9688 11.9552 13.0519 11.8742 13.1279 11.7882C14.1279 10.6732 17.1092 10.5882 17.9092 12.5482C18.0427 12.863 18.1176 13.1994 18.1309 13.5412Z\" fill=\"#5B5B5B\"\/>\n<path class=\"three\"d=\"M8.09164 7.27812C8.36496 7.27255 8.63415 7.34853 8.86411 7.49635C9.09406 7.64417 9.27472 7.85713 9.38315 8.10808C9.49157 8.35903 9.52247 8.63659 9.4725 8.90535C9.42253 9.17412 9.29376 9.4219 9.10239 9.61711C8.91101 9.81232 8.66601 9.94611 8.39829 10.0014C8.13056 10.0567 7.85251 10.031 7.59946 9.92755C7.34641 9.82413 7.12974 9.64767 6.97739 9.42069C6.82504 9.19371 6.74385 8.92649 6.74399 8.65312C6.73999 8.47373 6.77175 8.29535 6.83774 8.12849C6.90373 7.96163 7.00265 7.80966 7.12827 7.68153C7.25388 7.5534 7.40367 7.4517 7.56918 7.38242C7.7347 7.31314 7.91221 7.27767 8.09164 7.27812Z\" fill=\"#5B5B5B\"\/>\n<path class=\"four\"d=\"M9.22314 11.1509V18.7169H7V11.1509H9.22314Z\" fill=\"#5B5B5B\"\/>\n<\/svg>            <\/a>\n\n        <\/li>\n        \n<\/ul>\n\n  \n    \n    \n<\/div>\n        <\/div>\n\n\n        \n\n<\/div><\/div>\n\n\n\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:66.66%\">\n<p><strong>Over the past forty years, the growth differential between the United States and Europe has continued to widen, with a stall worsening after each crisis. While the GDP gap (in constant 2015 dollars) was only 8% in 1985, it stands at 38% in 2022. How can such an evolution be explained?<\/strong><\/p>\n\n\n\n<div style=\"height:100px\" aria-hidden=\"true\" class=\"wp-block-spacer is-style-spacer-medium\"><\/div>\n\n\n\n<p>Several factors are at work. Part of the recent stall is due to the increase in Europe&#8217;s energy bill \u2013 and, consequently, production costs \u2013 linked to the shutdown of cheap Russian gas supplies. As the world&#8217;s largest producer of oil and gas, the United States has not suffered from the energy shock resulting from the Russia-Ukraine conflict, which has even boosted American exports of liquefied natural gas to Europe.<\/p>\n\n\n\n<div style=\"height:100px\" aria-hidden=\"true\" class=\"wp-block-spacer is-style-spacer-medium\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\">Double standards<\/h2>\n\n\n\n<div style=\"height:100px\" aria-hidden=\"true\" class=\"wp-block-spacer is-style-spacer-medium\"><\/div>\n\n\n\n<p>A second cyclical factor is the fiscal policies put in place in response to crises. While the United States and Europe have supported households during the Covid-19 pandemic, the US government&#8217;s support has been disproportionate, with a budget deficit as a percentage of GDP twice as high as that of the euro area. Households have been able to accumulate savings that they are now spending, driving up US growth. Added to this is the vast plan \u2013 Inflation Reduction Act \u2013 of nearly $370 billion in subsidies in the green technology sector launched by Joe Biden in 2022 aimed at supporting American companies in return for an obligation to produce locally and\/or locally content goods used in their production.<\/p>\n\n\n\n<div style=\"height:100px\" aria-hidden=\"true\" class=\"wp-block-spacer is-style-spacer-medium\"><\/div>\n\n\n\n<p>Monetary policy has also played an important role this year. Both the U.S. and European central banks have raised interest rates in response to inflation, even though the nature of inflation is different. On the American side, the rise in prices is the result of the dynamism of consumption, while on the European side it comes from the energy crisis. In the latter case, an increase in interest rates depresses consumption, dragging down European growth even further.<\/p>\n\n\n\n<div style=\"height:100px\" aria-hidden=\"true\" class=\"wp-block-spacer is-style-spacer-medium\"><\/div>\n\n\n\n<p>However, these cyclical factors should not obscure the structural reasons for Europe&#8217;s lag in terms of growth. A first major factor is demographic, with, in particular, a working-age population that is growing in the United States and stagnating in Europe, a factor accentuated by a greater ageing of the European working population.<\/p>\n\n\n\n<div style=\"height:100px\" aria-hidden=\"true\" class=\"wp-block-spacer is-style-spacer-medium\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\">Less union, less innovation<\/h2>\n\n\n\n<div style=\"height:100px\" aria-hidden=\"true\" class=\"wp-block-spacer is-style-spacer-medium\"><\/div>\n\n\n\n<p>The second structural element is that Europe is fragmented in the sense that it is not a fiscal union and must therefore limit the widening of its deficit in order to avoid falling prey to the financial markets. This is not the case for the United States, where the dollar remains the international reserve currency, which allows it to pursue large-scale fiscal support policies. The size of the domestic market is a third structural factor. While the US market for goods and services is integrated, the euro area market is more fragmented, which limits the effects of scale of production.<\/p>\n\n\n\n<div style=\"height:100px\" aria-hidden=\"true\" class=\"wp-block-spacer is-style-spacer-medium\"><\/div>\n\n\n\n<p>Fourthly, spending on research and development is much higher in the United States than in Europe, where there is a glaring underinvestment in research and development, boosting technological innovation \u2013 an element reinforced by highly developed research partnerships between universities and US companies. All tech sectors are showing very strong dynamism in the United States, leaving Europe lagging behind in terms of productivity. A fifth, crucial factor relates to the level of higher education, which is much higher in the United States than in Europe.<\/p>\n\n\n\n<div style=\"height:100px\" aria-hidden=\"true\" class=\"wp-block-spacer is-style-spacer-medium\"><\/div>\n\n\n\n<p>All in all, there are many reasons for Europe&#8217;s lagging behind in terms of growth, and policies need to be put in place to boost research, innovation, demography and education \u2013 the latter being a key determinant of long-term competitiveness.<\/p>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"featured_media":5555,"parent":0,"template":"wp-custom-template-single-post-classic","cat-post-theme":[134],"cat-post-type":[135],"cat-blog-event-media-type-serie":[],"class_list":["post-6587","blog","type-blog","status-publish","has-post-thumbnail","hentry","cat-post-theme-macroeconomics-public-policy","cat-post-type-news"],"acf":{"is_featured_post":false,"display_twitter_hastags":false,"twitter_hastags":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>The reasons for the disconnect between the United States and Europe - Le cercle des \u00e9conomistes<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/lecercledeseconomistes.fr\/en\/articles\/macroeconomics-public-policy\/the-reasons-for-the-disconnect-between-the-united-states-and-europe\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The reasons for the disconnect between the United States and Europe - Le cercle des \u00e9conomistes\" \/>\n<meta property=\"og:description\" content=\"Over the past forty years, the growth differential between the United States and Europe has continued to widen, with a stall worsening after each crisis. 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