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"Seeing Europe the right way up"
Yes, yes, sceptics might say, but one quarter's decent growth and a few reforms here and there don't alter the unprepossessing long-term picture. In fact, Europe's performance has been better than the conventional wisdom says. Although America has outpaced Europe this year, over the past five years GDP per head, the best single measure of economic performance, grew at an average rate of 1.4% in the euro area, just behind America's 1.5%. Ah, but America is better at creating jobs, isn't it? Actually, no. Employment has grown a tad faster in the euro area than in America whether one looks at the past five years or the past ten—a striking improvement on the decade to the mid-1990s.
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