4  Since 1999, for instance, the annual growth rate for the euro area has averaged 2.2% per year compared with 2.7% in the United States. 5  Source AMECO database. Data on hours worked per worker for the euro area for 2007 are assumed to be constant.
For example, this sequence from backstop to stress test to recapitalisation was applied in the US, once the lessons from the Lehman Brothers shock had been drawn, and it accelerated the clean-up of the country’s banking system. However, in 2010 and 2011 it was almost the reverse sequence that took place in the euro area.