Although the left-hand chart of slide 4shows that the euro area did not converge to growth rates much lower than those we had seen prior to the crisis – a process that some academics have coined “superhysteresis” – it also shows that the distribution of growth rates is pointier with flatter right-hand tails when compared with its pre5 / 15  BIS central bankers' speeches  crisis pattern.
This implies that, compared to the pre-crisis period, fewer countries are growing at rates faster than the average. In other words, we are seeing little evidence of lower-income countries catching up with higher-income countries.