Per-capita output in the EU-15 is currently about 70 per cent of the US level, roughly the same as it was 30 years ago. It is estimated that about one third of the difference in per-capita GDP between the US and EU can be explained by lower employment rates, one third by shorter working hours, and one third is attributable to lower labour productivity.
Most frequently it has been related to the future course of policy rates, but the ECB also provides forward guidance in relation to its asset purchases.