Before going into further details, however, I would like to underline the difficulties of measuring productivity developments exactly and of comparing them across countries. Most of the data I will discuss for the euro area have recently been made available in the so-called EU KLEMS Growth and Productivity Accounts database, which was published on 15 March 2007.
In short, the misplaced faith of market participants in monetary policy generated overconfidence in the market. 3. Erosion of confidence and deepening of the crisis  I would now like to turn to the collapse of the “credit bubble” and the deepening of the financial crisis that resulted.