Euro poster Leon Neal/Getty Images

Скрытая сила еврозоны

БРЮССЕЛЬ – Уже много лет еврозона считается зоной катастрофы, а обсуждение будущего этого валютного союза часто концентрируется на теме его возможного распада. Когда в прошлом году британцы голосовали за выход из Евросоюза, их решение было отчасти продиктовано восприятием еврозоны как неработающего проекта, который, вероятно, уже нельзя спасти. Но в последнее время еврозона превратилась в любимчика финансовых рынков – и для этого есть причины.

Открытие латентных сил еврозоны долгое время задерживалось. Для восстановления после кризиса 2011-2012 годов странам еврозоны потребовалось несколько лет. Но сейчас в пересчёте на душу населения темпы экономического роста в еврозоне выше, чем в США. Уровень безработицы тоже падает. Да, он падает медленнее, чем в США, но отчасти это объясняется различием в тенденциях численности экономически активного населения.

В то время как в еврозоне численность экономически активного населения растёт, в США, начиная примерно с 2009 года, она снижается. Уход американцев с рынка труда объясняется явлением, которое экономисты называют «discouraged worker» (люди, которые перестали искать работу). После рецессии 2009 года данный тренд усилился.

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