This feature of the U.S. economy explains, together with the relatively more unsatisfactory demographics of Europe, why European growth has been disappointing in comparison with the U.S. during the past decade. Let me elaborate a bit on the role of demographic developments for the euro area.
BIS central bankers’ speeches  1  In Asia, growth remains firm, although below the pace in 2010. This moderation in growth partly reflects a general tightening of macroeconomic policy over the past year in response to a pick-up in inflation.