Structurally, the US economy is more resilient to shocks than the European economy: A roadmap for the euro zone

For many reasons, the US economy is more resilient to shocks than the European economy : The United States now imports almost no oil and natural gas, whereas the euro zone imports almost all its oil and natural gas: this makes total income in the United States insensitive to oil and natural gas prices; Corporate earnings recover much faster in the United States than in the euro zone: this reduces the duration of recessions in the United States and also accelerates the return to normal for employment and unemployment after a recession; Trend productivity gains are markedly higher in the United States than in the euro zone: this prevents negative shocks from leading to a loss of public debt sustainability in the United States; it prevents debt crises, which are frequent in the euro zone; Negative global shocks, which increase risk perception, lead to capital inflows in to the United States, which is stabilising. So it is not surprising that the United States suffers less and for less long from different negative shocks than the euro zone. This sketches a roadmap for the euro zone: energy autonomy, technological progress, responsive companies, reserve currency role for the euro.