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. (more...)