We have seen a significant recovery in exports since then, but the net effect of these choppy data is that the level of exports is well below where we thought it would be by now. It is true that international trade has been surprisingly weak globally, and we offer a box in this MPR discussing a range of interpretations.
The policy response in the euro area In response to the crisis, policy-makers across the globe have taken extraordinary and unprecedented steps. In particular, the euro area and the EU as a whole have demonstrated their ability to act decisively and promptly in difficult circumstances. National measures have been coordinated in a pragmatic manner with a view to enhancing their effectiveness through mutual reinforcement.