Having lived/worked through GFC I'd say the Europeans smugly originally though this was simply an American banking crises, when really they had deeper more structural intra-EU sovereign debt issues related to North/South growth & budgetary differences.
So while US broke the glass and did our bail-outs, the EU tried to extend & pretend for years longer. Kind of the Japan bubble response.
The rest can probably be explained by 1)regulatory differences causing huge disparity in industries driving growth where you had substantially all the growth coming from tech in US and 2) demographic differences where Europe is older and aging more rapidly than US, so you have a higher budget burden.
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Having lived/worked through GFC I'd say the Europeans smugly originally though this was simply an American banking crises, when really they had deeper more structural intra-EU sovereign debt issues related to North/South growth & budgetary differences.
So while US broke the glass and did our bail-outs, the EU tried to extend & pretend for years longer. Kind of the Japan bubble response.
The rest can probably be explained by 1)regulatory differences causing huge disparity in industries driving growth where you had substantially all the growth coming from tech in US and 2) demographic differences where Europe is older and aging more rapidly than US, so you have a higher budget burden.