the euro · —exponential trend based on 1980-98 15 1980 1985 us gdp trend analysis 2010 2015 1990...
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The Euro Joseph E. Stiglitz
Real GDP is just recovering to earlier levels
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Source: IMF World Economic Outlook Database, April 2017
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Many countries have lower GDP than before crisis
For some countries downturn was worse than Great Depression
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Growth in output per member of working-age population is lower than before the crisis for Europe
Source: Economic Report of the President 2016
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High unemployment
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Unemployment rates, seasonally adjusted, January 2000 – February 2017
Source: Eurostat
And even higher youth unemployment
Source: Eurostat
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Youth unemployment rates, EU-28 and EA-19, seasonally adjusted, January 2000 – February 2017
Current account imbalances
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Euro area has performed much more poorly than the US—even though the crisis originated in US
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Current accounts improvements
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Troika’s remarkably poor models
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Poorly performing countries today had performed well before 2007: no change in structure
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