The same is true of employment. In 2009 the largest difference in unemployment in the euro area was between Spain, with 18%, and the Netherlands, with 3.7%; for the U.S. between Michigan, with 13.6%, and North Dakota, with 4.3%. But, that being said, if a lot has been done in Europe a lot remains to be done in the domain of economic governance.
It is identified using sign restrictions at impact and is estimated using daily data over the period 2005-2019. The chart shows the cumulative changes in the 10-year ILS since July 2005, and the contributions of the four underlying factors. Latest observation: 18 February 2020.