This was equivalent to a one-off shock immediately after the launch of the euro. All in all, the degree of diversity observed in the euro area is not substantially different from that seen in the United States.
And neither is it substantially different from that seen within the national borders of several large economies (such as Germany, Italy and Spain), which is a continuation of historical patterns. Diversity in perspective Diversity within the euro area should be put in perspective, and I shall now look at three main types of divergence.