The European Union has long had the ambition of rivalling the United States from an economic viewpoint. It actually managed to do so in the late 2000s. In 2008, at current prices, the Eurozone ($14.16 trillion) and United States ($14.77 trillion) had very similar levels of GDP. Students learned about this achievement and politicians basked in its glory, as if it proved the success of the European project.
Continue readingEurope’s uncoupling: a reality but not a fatality
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