Despite all the "hoo-hah" over Europe suffering tough austerity measures, the U.S. has implemented a stricter program of fiscal tightening since 2010, according to a report by Lombard Street Research published Friday.
Dario Perkins, a director at the independent research firm, argued that the U.S. economy had performed relatively well, despite administering larger structural fiscal tightening than any of Europe's major economies over the last three years.
"Europe's fascination with austerity has been an important theme for markets over the past two years," he wrote in the note called "Fiscal Brag."
Austerity cuts have been central to Europe's efforts to emerge from its debt crisis, which was kicked off by the global financial crisis of 2008. In a number of countries – such as Greece and Portugal – the measures are a condition of sovereign bailouts, but the resulting wide-spread job cuts have led to numerous headline-grabbing demonstrations.
"Yet, despite all the hoo-hah surrounding European austerity, it was not just the Europeans who were cutting their deficits," Perkins added.
Using an average of figures released by the International Monetary Fund (IMF) and Organisation for Economic Co-operation and Development, Perkins highlighted that the U.S. had tightened its structural budget position by 4.9 percent of gross domestic product (GDP) between 2010 and 2013.
By contrast, the U.K. tightened fiscal policy by 3.7 percent of GDP over the three years, and Italy and Spain tightened by 2.8 percent and 4.2 percent of GDP respectively.