The US and euro-zone: different crises, different outlooks

The Q4 GDP data released over the past week underline the fact that the two largest developed markets – the US and euro-zone – have so far experienced very different crises and recoveries. These differences help to explain why economic growth in the euro-zone is likely to outpace that of the US this year and why, despite this, the ECB will face less pressure than the Fed to tighten policy.

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