Diagnostic d'une maladie de langueur: UNE EXCEPTIONNELLE ACCUMULATION DE CHOCS L'EUROPE RESTE DÉPENDANTE DE LA CONJONCTURE AMÉRICAINE L'AVANTAGE DES ÉCONOMIES EN RATTRAPAGE INDISPENSABLES RÉFORMES STRUCTURELLES

Since 1992, the average growth rate of the countries in the euro zone has not been inferior to that of United States, with the exception of the year 2001. These bad scores must be charged to the heavy weights of the zone, Germany, France and Italy. To explain this disengagement, one can call upon recent shocks - the Gulf War, the rise in the price of oil, the reunification of Germany - and the restrictive policies adopted to satisfy the criteria of Maastricht.