In the chart, this negative shock to the inflation outlook is represented by the downward shift in the expected path of inflation from “A” to “B”. Chart 18 The projected inflation path  https://www.ecb.europa.eu/press/key/date/2020/html/ecb.sp201126~c5c1036327.en.html  16/19  01/12/2020  Monetary policy in a pandemic: ensuring favourable financing conditions  Source: ECB.
From a general point of view, it was the structural reforms I mentioned before that prepared the ground for the strong recovery following the crisis. Nevertheless, the distinctive pattern of a severe drop and a rapid recovery highlights a specific feature of the German economy: its pronounced export orientation. When the global economy faltered in 2009, Germany was hit far worse than other countries.