Productivity growth has also generally been lower in the euro area than in the United States (see Chart 7 in Masuch, K. et al. (eds.) (2018), “Structural policies in the euro area”, Occasional Paper Series, No 210, ECB, June). These factors may limit the euro area’s relative capacity to bounce back from a recession. 21.
The ECB does not release minutes or transcripts and does not provide information on Governing Council votes. Rather than detailing the differing views of individual members, who might feel pressure to represent their national interests if their votes were made public, the ECB focuses on explaining the analysis behind the Governing Council’s consensus.