We would probably have a depression, a very profound depression at global level. The threat was grave and immediate. That is one of the reasons why we have to be sure that we have much more solid and resilient global finance and global economy. Is the euro area economy in worst shape than the US economy? Is the US recovering faster?
Each economy has its own features, its own characteristics, its own structures. When you compare figures you have also to take into consideration a significant difference which is due to difference in demographics that are much more dynamic in the US.