A key difference between the United States and the euro zone: The capacity to attract capital

A systematic growth gap may appear between the United States and the euro zone in favour of the United States due to the US capacity to attract capital, a capacity that the euro zone does not have. As the United States can easily attract capital from the rest of the world, it can have a continuous external deficit and therefore keep a low savings rate relative to the investment rate, which underpins growth. As the euro zone cannot attract capital as easily as the United States, it has to maintain an external surplus, which forces it to save more and invest less than the United States, and explains the growth gap between the United States and the euro zone.