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And with high debt levels, many are running out of fiscal room even as their economies remain weak.The dangers of getting too excitedThe danger is that these growth gaps will widen rather than narrow.
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And what does this imply for the transatlantic growth gap?
It is also partly due to the growth gap between vibrant emerging economies and stagnant rich ones.
After a year in which the euro area has trailed America, the growth gap is thus expected to be negligible.
Much of the growth gap with America is accounted for by "market services"—ie, retailing, transport, finance and business services.
Many economists predict that the currency will weaken more as the growth gap between the core and peripheral states creates further disharmony.
The growth gap between the core and peripheral economies, based on data released so far, stood at just 0.1 percentage points.
The growth gap between central provinces and those in the east widened further in the third quarter of last year as coastal cities were hit by a property slowdown.
That has helped pace the United States recovery that is creating a widening growth gap between the two sides of the Atlantic.
One source of instability will be the growth gap: America and Britain will enter 2015 with their economies in relatively good shape and their central bankers hoping to start raising interest rates.
The critics often forget that its main obligation is to deliver price stability.Part of the explanation for the euro's weakness could be the growth gap between America and Europe.
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CEO of Professional Science Editing for Scientists @ prosciediting.com