4  BIS central bankers’ speeches  3.3  European monetary union  The roots of the current crisis in the euro area notably include excessive lending fostered by insufficient financial market regulation, inadequate compliance with fiscal rules, inefficient use of capital inflows and a cumulative loss of competitiveness in several euro-area countries.
Also, the export of goods and services worth EUR 38 bn in 2022 was 3.3 times higher than in 2012 when it measured only EUR 11.5 bn. This means, that in this period the exports were rising by around 13% on average annually.