Again, as in the case of inflation, we observe approximately the same order of dispersion in the euro area and in the US. There is also a relatively high degree of persistence regarding output growth differentials within the euro area which is to a certain extent also found in the US.
However, taking the US as a benchmark is only useful up to a certain point. On the one hand, the US economy is known to be more flexible than the euro area, which means that the effects of asymmetric shocks can be more easily and quickly absorbed.