The commodity price collapse in 2014 exposed these structural weaknesses, which are now weighing heavily on the recovery of our exports. 20  For more details on trade hysteresis, see R. Baldwin and P. Krugman, “Persistent Trade Effects of Large Exchange Rate Shocks,” The Quarterly Journal of Economics 104, no. 4 (November 1989): 635–54.
By comparison with other central banks, several features of the Eurosystem’s framework are noteworthy. First, the outstanding volume in refinancing operations is fairly large, tending before the start of the turmoil to be around 20 times that of the Federal Reserve. This implies that banks need to borrow a fairly large amount from the ECB on a regular basis.