My first comment on that is that sudden external shocks haven’t played a major role in the wake of the crisis. Second, ordinary channels that are meant to dampen the magnitude of negative developments have not been central to developments. For example, we have witnessed a temporary net flow of workers from countries hit hard by the crisis to countries with stronger economies.
But another channel, that of capital flow, has even aggravated imbalances to some extent. Cross-border capital turned out to be volatile, especially with respect to countries struck by crisis. We have even witnessed procyclical behaviour with respect to savings and indebtedness.