Chart 17 illustrates this for the trade balance. Whereas the euro area goods trade balance generally registered a surplus of around two per cent before the pandemic, the goods trade balance has gradually deteriorated over 2021. This deterioration reflects the steady worsening of the energy and food trade balance, which was largely driven by the rising bill for energy imports.
In no way do we want to return to the world where people could buy a house with no money down and no documentation.