12  11  No increase in the contribution from trend growth differences and no increase in synchronisation have been detected for a subset of 12 non-euro area OECD countries. 12  See Benalal, Diaz del Hoyo, Pierluigi and Vidalis (2006), “Output growth differentials across the euro area countries: some stylised facts”, ECB Occasional Paper Series no 45.
6  BIS Review 64/2006  Differences in trend growth among euro area countries can be explained by various structural factors, including to some extent demographic trends and catching up in terms of the standard of living. Differences in the timing and extent of past structural reforms in euro area countries are likely to have played a significant role.