For the first time since the crisis began, the euro area shows a greater recession than the U.S. economy. The average GDP of the 16 countries fell 2.5% in first quarter 2009 compared to three months of 2008. A bad figure, which contrasts with that of American withdrawal: 1,6% over the same period.

Does this mean that the United States will leave before Europe, and in 2010 played the role of locomotive of the global recovery? Several elements can be expected. First across the Atlantic, the fiscal stimulus packages have been massive, much more than in Europe.

The policy of the U.S. central bank was again much more aggressive than its

The latter, conversely, seems to suffer from fiscal policy too heterogeneous. The recovery plans, lower, the image of the stimulus French -26 billion-have mostly been poorly coordinated.

Germany, hit by the collapse of its industrial exports, a key component of its activity, undergoes the most severe decline among major countries in the area, 3.8%, a figure unprecedented for forty years.

The rest of European countries also combines the sad record: Italian GDP fell 2.4% in the worst result for thirty years, Spain has announced a fall of 1.8% of GDP, a figure never seen for forty years.

The France officially acknowledged last Friday to be in recession. But the downturn in the first quarter, 1.2% is the lowest of all countries in the euro area have published their statistics.