5  ECB, Opinion of 10 September 2008 at the request of the Banque centrale du Luxembourg on amendments to the draft law improving the legislative framework for Luxembourg as a financial centre and amending the Law of 23 December 1998 on monetary status and on the Banque centrale du Luxembourg, (CON/2008/42); http://www.ecb.int/ecb/legal/pdf/en_con_2008_42.pdf.
The recession which followed the global financial crisis hit the whole world almost simultaneously ten years ago, though to varying degrees in different countries. Firm dynamics is key to explaining the differences in its impact. Country-specific frictions to the physiological exit and entry of firms in the market may severely limit growth prospects for an economy.