The Eurozone's exports fell by 24% in February leading to fears that the worst might still be ahead for the region.
While it may be a one month phenomenon, the Eurozone also ran a trade deficit of 2 billion euros versus a 1.7 billion euro surplus in February 2008. Traditionally it has run a trade surplus.
Europe is going to have to reconsider its economic model. Their existing export oriented economies might not be up to the challenges that will emerge in the next few years.