So, contrary to popular perceptions, America s economy has not significantly outperformed Europe s in recent years. And to achieve this not much better than parity, America has had to pump itself full of steroids. Since 2000 its structural budget deficit has widened sharply, while American households saving rate has plunged, causing the current account deficit to swell. Over the same period, the euro area economies saw no fiscal stimulus and household saving barely budged.

　　America s growth, thus, has been driven by consumer spending. That spending, supported by dwindling saving and increased borrowing, is clearly unsustainable; and the consequent economic and financial imbalances must inevitably unwind. As that happens, the country could face a prolonged period of slower growth.

　　As for Europe, the old continent is hobbled by inflexible product and labour markets. But that, paradoxically, is an advantage: it means the place has a lot of scope for improvement. Some European countries are beginning to contemplate economic reforms. If they push ahead, their growth could actually speed up over the coming years. Once investors spot this, they are likely to conclude that the euro is a better bet than the dollar.

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