It may simply be that it is difficult to disentangle the common shocks from the country-specific shocks and that the other country-specific shocks and the common shocks are strongly reinforcing the effect of the U.S. slowdown.
(chart) 2  BIS central bankers’ speeches  Number one, stability; number two, a budget without a deficit and, number three, a zero budget. First of all, stability is essential for the Latvian business environment, for attracting investments and for resuming lending.