Europe’s economy is said to be a flop. Held back by high taxes, overprotected workers and inept policymakers, Europe appears to be slipping further and further behind the dynamic US economy.
In fact, over the past three years, living standards, as measured by GDP per capita, have risen by 5.9 per cent in the EU but by only 1 per cent in the US. So says the IMF, an institution hardly biased against the US. An unfair comparison, perhaps, given America’s recent recession? Then look at how the EU and the US size up since 1995, a period that includes…
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