Bruegel: The European Union’s remarkable growth performance relative to the United States
The European Union suffers from numerous weaknesses compared to the United States, including the lack of European tech giants, weaker university rankings and limited private capital availability. But one frequently cited claim is wrong: in terms of output growth, the EU has not fallen significantly behind the US. In fact it has converged to the US in terms of per-capita output, per-worker output and, especially, output per hours worked.