Presumably those modestly higher delinquencies reflected specific lending decisions made by some credit unions during this period. A second conclusion to be drawn from the data is that the deterioration in asset quality was much less severe in 2001-02 than in the early 1990s. Of course, the 2001 recession itself was mild by historical standards.
First, the global economic upturn continues to be robust and broadly based, both geographically and across sectors, and world trade has also strengthened. In this context of a favourable external environment, euro area exports are expected to grow significantly this year and the next. Second, favourable financing conditions, improvements in corporate efficiency and earnings and the strength of global demand help investment.