SNB's Hildebrand on the EU economic recovery

In a speech on 'The EU economic recovery: why is it so slow?' given on 21 April, Philipp Hildebrand of the Swiss National Bank said real GDP growth in the US has consistently outperformed growth in the European Union since the 80s. Besides cyclical and special factors like German unification, there is a structural dimension to this question.

"GDP growth differences vs. the U.S. can be explained by measurement differences and higher growth rates of labour input in the U.S. up to 1995. Since then

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