I describe the challenge of fully integrating securities markets in Europe by integrating the clearing and settlement …

Throughout the postwar era until 1995 labor productivity grew faster in Europe than in the United States. Since 1995 …, productivity growth in the EU-15 has slowed while that in the United States has accelerated. But Europe's productivity growth … growth within Europe. We document this tradeoff in the raw data, in regressions that control for the two-way causation …

, Europe fell behind steadily to a level of barely half in 1950, and then began a rapid catch-up. While Europe's level of … productivity has almost converged, its income per person has leveled off at about three-quarters of America's. How could Europe be … so productive yet so poor? The simple answer is that hours per person in Europe have fallen drastically in the past 40 …

After fifty years of catching up to the United States level of productivity, since 1995 Europe has been falling behind …. The growth rate in output per hour over 1995-2003 in Europe was just half that in the United States, and this annual … the period since 1995. Disaggregated studies of industrial sectors suggest that the main difference between Europe and the …