In addition,  BIS Review 138/2009  3  the decline in the functioning of global credit markets contracted consumer credits and further reduced the appetite for purchasing mainly durable consumer goods. That is one of the major reasons Japan's exports rapidly declined and production plunged.
Instead, what matters for the single monetary policy is the aggregate situation of our monetary union. In this context, a well-known mechanism applies: The more similar economic conditions and economic policies of member states are, the more suitable the single monetary policy becomes for each member country.