The global downturn and its impact on euro area exports and competitiveness

World trade contracted sharply in late 2008 and early 2009 following the deepening of the financial crisis in September 2008. This paper discusses the main mechanisms behind the global downturn in trade and its impact on euro area exports and competitiveness. It finds that the euro area was hit particularly hard by the contraction in global demand.

01. October 2010

Authors Filippo di Mauro Katrin Forster Ana Lima