
ERM Quarterly - Quarter 2, July 2015
In a context of globally slow growth since the financial crisis, the EU and in particular the euro zone economies have underperformed relative to other major developed-world economies. Output in the euro zone remained lower in the first quarter of 2015 than seven years earlier, and three million fewer people are working in the EU. The post-crisis output gap between the EU and the US now amounts to around eight percentage points.
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