These events were not only shared across major economies, but they were also largely consistent with historical experience. There have been several episodes in economic history  BIS central bankers’ speeches  1  of large build-ups followed by periods of debt deleveraging. Serious financial crises tend to be followed by slow economic recoveries.
Nevertheless, by mid-2010, most advanced economies were showing signs of returning to growth, albeit at a slow pace. At this point, however, the trajectory of the euro area departed from others. While the recovery gained ground in the US in particular, the euro area entered into a second recession that lasted until the second quarter of 2013. Why did this divergence happen?