And even though declines in import demand play an important role, the rebalancing in countries under strain is also coming from growth in exports and increasing market shares. In Spain, for example, export volumes are up by more than 20% since 2009. For this reason, I do not agree with those who say that Europe is in a “lost decade”.
But there are risks too, such as the accumulation of so-called “global imbalances”, which were a key underlying cause of the global crisis. All of you will be aware of the difficulties that the world economy has experienced in recent years: the financial crisis that began in 2007 and led to the deepest recession since World War II.