Merchandise  1989 to 1993 0 -½  1994 to 1998 +2 +3  1999 to 2003* +3 +3  -2½  +7  +4  19  16  -1.3 +1.7  -2.0 +3.9  +1 1.5  +R 5.2b -R26.6b  -R 7.9b +R50.9b  -R 9b ...  +2.2 +2.9 +13.6 19.2%  +9.2 +6.4 +8.1 18.9%  +7 +5 5.5 15.5  4.9  5.1  2.5  * Imports * Exports (including gold) 9.
The Fund will start from national compartments but it will gradually, in eight years, mutualise to become a truly single European Fund. Underlying the new regime is the Bank Recovery and Resolution Directive (BRRD) which dramatically changes the culture. It ends the era of the bail-out and moves us to the culture of the bail-in. Bail-in will be the rule, bail-out a rare exception.