Europe's recovery choices will leave it a year behind the U.S.

The Euro sculpture illuminated outside the Eurotower, the former headquarters of the European Central Bank in Frankfurt, Germany, on Dec. 15, 2020. Foto: Bloomberg/Alex Kraus

While the U.S. rushes toward a blockbuster fiscal stimulus package to accelerate its recovery from the coronavirus crisis, much of Europe is pootling along in the slow lane.

President Joe Biden's $1.9 trillion stimulus bill, if congressional leaders pass the full amount, would take his administration's spending in 2021 to more than three times as much as euro-area countries have planned, according to UniCredit...

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