Structural reforms since financial crisis are slowly but surely starting to bear fruit, with the lowest unemployment since 2009 and production ratcheted up
It was a story few predicted: the eurozone is growing faster than the United States. When Jean-Claude Juncker gave his annual state of the union speech on Wednesday last week, Europe’s booming economy was near the top of his list. Ten years since the crisis struck, “Europe’s economy is finally bouncing back,” the European commission president told MEPs. Detailing the economic resurgence, but also referring to the EU’s newfound unity after Britain’s vote to leave, Juncker declared: “the wind is back in Europe’s sails”.
In fact, growth in the 19-country eurozone has quietly outshone the US for the last two years. The latest annualised growth numbers show the single currency bloc growing at 2.3%, compared with 2.2% for the world’s largest economy. Eurozone unemployment has fallen to the lowest level since 2009, while factories are humming again, with production up 3.2% on last year.