Is growth stronger in the United States than in the euro zone because risk aversion is higher in the euro zone than in the United States?

Growth and potential growth are higher in the United States than in the euro zone; productivity gains are higher in the United States than in the euro zone. Might these differences between the United States and the euro zone be due to higher risk aversion in the euro zone than in the United States? What would be the symptoms of higher risk aversion in the euro zone than in the United States? Stronger employment protection in the euro zone, leading to slower employment adjustments in the euro zone; More stringent financial regulation in the euro zone; Less funding for start-ups in the euro zone; Weaker business creation and lower spending on innovation in the euro zone; Slower modernisation of corporate capital and adoption of new technologies in the euro zone. We find that all these indicators , with the exception of business creation , show higher risk aversion in the euro zone than in the United States.