Allianz安联：2024欧洲需要加快步伐-从美国的战术中吸取教训报告（英文版）.pdfVIP

24January2024040610

EuropeappearstobefallingStructuralprivilegesbehindtheTheEurozoneistripping

behindtheUSonmanyfrontsUS-Eurozoneeconomicgap?overitsownshoelaces

1620

The(green)silverliningWheredowegofromhere?

AllianzResearch

Europeneedsto

stepupitsgame

LessonsfromtheAmericanplaybook

AllianzResearch

Executive

Summary

Inthe25yearssincethefoundationoftheEuro,theeconomic

gapbetweentheUSandEurozonehasalmosttripled.In1999,

LudovicSubrantheyeartheEurowasintroduced,theUSeconomywas11%larger

ChiefEconomist

thantheEurozoneinpurchasingpowerparityterms;thisgaphas

ludovic.subran@

sincewidenedto30%.Eveninpercapitaterms,theUSisleaving

Europefarbehind:Asof2022,theaverageAmericanenjoyedreal

incomethatwas35%higherthanthatoftheaverageEuropeanin

purchasingpowerparityterms,upfrom27%justbeforethe2008

MaximeDarmetCucchiarini

SeniorEconomistforUSFrancefinancialcrisis.

maxime.darmet@

Admittedly,someofthedrivingforcesofUSdominanceareits