Chart 19  Range of point estimates of the natural rate of interest in the euro area obtained from econometric models (percentages)  Notes: The grey-shaded area reports ranges of point estimates of r* for the euro area, as estimated in Brand, C. and Mazelis, F. (2019), “Taylor-rule consistent estimates of the natural rate of interest”, Working Paper Series, No 2257, ECB.
In an environment of weak demand and lack of trade finance, international trade will continue to suffer. The motor industry has been particularly hard hit as demand continues to decline globally. Japanese motor vehicle exports declined by almost 50 per cent year-onyear in February, while global exports of motor vehicles declined by 64 per cent in that month.