During the summer it was said for the first time that, with Greece, a country could make an exit from the euro area. To what extent did this damage trust in the euro? Only a country can decide on its own to leave the euro, it cannot be legally expelled, although pressure can be exerted.
The most recent IMF projections (January 2009 World Economic Outlook) forecast a contraction of the euro area economy by -2.0%, and only marginal positive growth for the world economy of +0.5%. 2  BIS Review 16/2009  Further unexpected declines in energy prices owing to weak global demand and a sharper or more protracted slowdown in economic activity could reduce price pressures further.