As I already mentioned, over the period from 1996 to 2005, euro area output grew on average by about 1.3 percentage points less than in the US, and the gap appears to be persistent 3 . 1  The Ludwig Erhard Memorial Lecture on “Economic and Monetary Union: a German perspective” by Dr Hans Tietmeyer. Lecture held at the LSE on February 18, 1992.
Jobs in the service industries most affected tend to be lower-paying, part-time and with fewer benefits.