Why has productivity declined in the euro zone?

Labour productivity has slowed massively in the euro zone since 2008, and much more than in the United States. What might account for this decline in productivity? It could result from: A decline in working time (per wage earner ); A decline in capital accumulation; A decline in technological progress; A decline in labour force skills; A change in the sectoral structure of the economy. Among the possible explanations for the decline in productivity gains in the euro zone, those that seem relevant and tally with the facts are: The decline in working time in the euro zone; Weak growth in the capital stock and the stagnation of capital intensity in the euro zone; The stagnation of total factor productivity in the euro zone. The euro zone’s weakness relative to the United States is mainly due to weak capital accumulation, weak technological progress and the decline in working time .