More recently, with the recovery in the euro area still fragile, a slowdown in growth in the Emerging Market Economies, along with a rise in geopolitical tensions, which have led to an unprecedented refugee crisis, and concerns about a Brexit, have led to an increase in uncertainty.
What are the fundamental causes of this unsatisfactory trend growth in the euro area, especially this 1 percentage point difference with the US ? The answers can be found by looking at the factors that determine long-term economic growth, namely: •  the degree of labour utilisation;  •  demographic trends; and  •  productivity growth.