that there has so far been a moderate increase in actual protectionist measures to restrict trade through tariff and non … since the mid-2000s, and has possibly intensified since the start of the financial crisis. However, no World Trade … Organization (WTO) member has retreated into widespread trade restrictions or protectionism to date. Our model-based simulations …

World trade contracted sharply in late 2008 and early 2009 following the deepening of the financial crisis in September … 2008. This paper discusses the main mechanisms behind the global downturn in trade and its impact on euro area exports and … recorded losses in productivity during this period. Going forward, the recovery in world trade will depend mainly on a …