In addition to the magnitude of the contraction in world trade, its suddenness is also very noticeable as trade fell markedly in the last quarter of 2008, immediately after the intensification of the crisis in mid-September.
Member states have to pursue politics and establish institutions that stimulate the dynamics of a competitive private sector. In most euro area countries potential growth has remained too low, however. Labour market rigidities and inefficient business environment conditions seem to be major impediments.