Philip Stephens is spot on in the Financial Times:
The transatlantic argument about the right response to the global recession has been one rooted in temperament. Americans prefer to throw everything into fixing todays problems and to worry about tomorrow, well, tomorrow. Continental Europeans fret about what might happen tomorrow if they throw caution to the winds today. The British are usually somewhere in the middle. Another way of saying this is that Americans are happy to take risks while Europeans strive to avoid them. This is as often reflected in their respective economic performances during good times as in their reactions at moments of crisis. Gamble-everything entrepreneurs are much more likely to be found on the US side of the Atlantic.