Joe Biden economic recovery puts Brussels to shame – Eurozone warning

Chief economist at the Centre for European Reform, Christian Odendhal argued the Brussels bloc could learn some lessons from the US model.

He wrote: "In some ways, Europe is more in need of stimulus than the US, yet on current plans, its governments will do far less than the Biden administration."

In a damning take on the eurozone's future, he added: "The European economy entered the pandemic in a low-inflation, low-growth equilibrium, and may well return to that without aggressive fiscal stimulus.

"The eurozone’s inflation outlook is weak, just as it had been going into the pandemic.

"Investors and official bodies do not think that consumer spending will rapidly close the gap between aggregate demand and the supply capacity of the economy once restrictions are lifted.