ABSTRACT
Almost six years since the beginning of the deepest crisis in 80 years, the asynchrony between the US and Europe is clearer than ever, in terms of how and when the crisis hit each of them, and how it has been managed on both sides of the Atlantic. The financial crisis affected the US earlier, while Europe has been hit hardest in the last two years, not only in real terms (economic growth, unemployment and business mortality), but also in terms of financial instability, particularly with regard to sovereign bond markets.
