Correction
In the Forum article “The Euro at 20: Still a Project Projected to Fail?” by Adalbert Winkler in Intereconomics, Vol. 54, No. 2, 2019, p. 90-95, DOI: 10.1007/s10272-019-0800-9, Table 1 and Figure 2 contain incorrect data. The adjustments appear here.
Intereconomics regrets this inconvenience.
Table 1
Difference-in-difference: Euro area versus the United States
| Pre- and post-euro periods (2018-1999) versus (1998-1981) |
The pre-euro decade (1998-1991) versus the 1980s (1990-1981) |
The first euro decade (2009-1999) versus the pre-euro decade (1998-1991) |
The second euro decade (2018-2010) versus the first euro decade (2009-1999) |
|
|---|---|---|---|---|
| Inflation (% p.a.) | -0.0161 | -0.0229 | -0.0038 | 0.0006 |
| Gross government debt-to-GDP ratio (change in percentage points) | -46.02 | 21.84 | -35.40 | 2.94 |
| GDP growth (% p.a.) | 0.0045 | -0.0007 | 0.0060 | -0.0023 |
| Unemployment rate (average in %) | 0.65 | 2.07 | -0.76 | 0.59 |
Source: Author’s calculation based on IMF data.
Figure 2
Average GDP per capita growth in Euro Area Member States (% p.a.): difference-in-difference to the US and an average of selected mature non-euro area (NEA) countries (1998-1992 vs. 1991-1981; 2009-1999 vs. 1998-1992; 2018-2010 vs. 2009-1999)
Source: Author’s compilation based on IMF data. Euro area aggregates for unemployment (before 1991) and inflation (before 1992) are calculated based on individual EAMS data (the original EAMS + Greece) weighted by the respective EAMS population share; for GDP growth (before 1992) and government debt-to-GDP (before 1995) the weighting is performed by using the respective EAMS shares in total GDP.