Dynamic Growth Differences in the USA, Germany and other Eurozone Countries

Ever since the early 1990s, the USA has been growing at a markedly higher rate than the Eurozone, with Germany finding itself at the tail end of growth. Three factors contributed to this development: first, the different impact of stock price dynamics on investment and consumption in the USA and the Eurozone; second, differences in monetary and fiscal policy as pursued by the USA and EU; third, the fluctuations of the dollar/euro (ECU) exchange rate and its impact on exports.