In contrast, in North America, the United States is dominant, both in terms of population and economic power. So yes, North American economies are becoming more integrated. But it does not necessarily follow that the structures of our economies are becoming more alike.
We need solutions to both problems. For the first, no simple, realistic solution is available. The economic convergence of the euro area will take time. Far-reaching structural reforms need to be undertaken in countries in order to narrow the gap to the best-performers with respect to competitiveness. The second problem – excessive borrowing by governments – could, in theory be much more easily solved.