Today, that figure stands closer to 20%. On the spending side, governments have tended to take increasing shares of total output. Thus, comparing the 21st to the 19th century, a proportionally smaller industrial base now supports a similar relative volume of trade, suggesting that we are now more reliant on foreign markets.
Furthermore, by addressing in a decisive manner the economic and financial causes underlying current market concerns the programme will also contribute to restoring confidence and safeguarding financial stability in the euro area as a whole.