1. Europe’s Economic Past and Future Barry Eichengreen University of California, Berkeley February 28, 2007

2. GDP per capita and per hour, 1913-2003 1913192919381950197303 GDP per capita as percentage of U.S. levels France666873557973 Germany695982417264 Italy484554376466 United Kingdom93801027372 EU-15 average as % of United States575566476572 GDP per hour as percentage of U.S. levels France56n.a. 4674 11 1 Germany a 59n.a. 327998 Italy42n.a. 3578 10 0 United Kingdom84n.a. 636083 EU-15 average b 61n.a. 447194

3. The Starting Point and Growth, 1950-73 Andrea Boltho (1981), The European Economy: Growth and Crisis, (Oxford University Press) p.31.

4. Europe’s Golden Age Nicholas Crafts and Gianni Toniolo, “Postwar Growth: An Overview,” in Crafts and Toniolo, Economic Performance in Europe Since 1945, p 2.