Nice chart and analysis from the New York Fed’s blog,
The chart also shows that the current economic situation is much weaker in several euro-area periphery countries. The recession in Greece has yet to end, and real GDP is now more than 17 percent below its prior peak. While a recovery recently appeared to be under way in Ireland, real growth is still 12 percent below peak. Portugal’s economic contraction during 2008-09 was less severe than that for the euro area. However, Portugal’s recovery faltered in mid-2010, and the economy has been contracting since then. Spain also experienced a milder recession than the euro area, but its recovery began later and has been progressing at a slower pace, leaving it around 4 percent below peak.