As we are well aware, many European countries urgently need to strengthen growth and increase employment. Real GDP growth (yoy) in the euro area averages out at only about 2% in the last ten years, compared with slightly more than 3% in  2  2  Peter M. Summers (2005): What caused the great moderation?
Some cross-country evidence, in: Economic Review (Q3 2005) of the Federal Reserve Bank of Kansas City  BIS Review 91/2006  the US. The same goes for real GDP growth per person employed, which has been roughly 1% (yoy) over the last ten years in the euro area, compared with a little more than 2 % in the US.