Remarkably, In the recent business cycle the eleven small EU countries performed better than the four big EU members. Germany, France, the UK and Italy are apparently more affected by the economic crises in Asia, South America and Russia. Bringing down inflation in the nineties was quite successful. Furthermore, the differences between the member states became smaller. However, in recent months inflation is again on the increase.
Unemployment shows a bleaker picture, as it remains high despite economic growth.
The average of the harmonised unemployment figures for the member states does not reveal the huge differences between them. Spain's unemployment figure of more than 15 is far above the average for the first six months of 1999. Luxembourg followed by the Netherlands has the lowest unemployment rate. After a recession in 1991 the US economy picked up. The US economy is more than twenty times that of the Netherlands, but there are some remarkable similarities.