Empirical Evidences

Throughout the course of the 1990s, the performances of some European economies were on average modest: low growth, high unemployment, high fiscal pressure, high government spending, financial imbalances in terms of the government deficit, and, in some countries, a worrying accumulation of national debt. Compared with a large part of the European continent that limped along for the entire decade, the American economy, as well as several European economies, recorded the longest and most sustained period of growth ever.