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đặc biệt là đối với hàng tiêu dùng và nhà ở. Việc truyền tải qua biên giới cũng rất nhanh chóng, do sự kết nối chặt chẽ trong hệ thống tài chính và cũng là chuỗi cung ứng tích hợp mạnh mẽ tại các thị trường sản phẩm toàn cầu. EU GDP thực tế dự kiến giảm khoảng 4% trong năm 2009, sự co sắc nét nhất trong lịch sử của nó. Và mặc dù dấu hiệu của một phôi thai | European Commission Economic Crisis in Europe Causes Consequences and Responses was significantly lower than prior to the First World War. 14 In addition no consensus existed among the major countries and within the economics profession on the appropriate financial monetary and fiscal responses to the rapidly spreading depression in the early 1930s. 15 In the interwar period multilateral institutions for economic cooperation were weak and unsuccessful compared to today. The League of Nations founded in 1919 and the Bank for International Settlements BIS founded in 1930 played no role in dealing with the economic crisis. The lack of international cooperation and international institutions in the 1930s stands in stark contrast to present conditions. Institutions such as the World Trade Organisation WTO the International Monetary Fund IMF the Organisation for Economic Co-operation and Development OECD the G20 and the European Union are involved in the design of policy measures to reduce the impact of the present crisis. The IMF and the WTO were actually formed after the Second World War as a result of the devastating experience of the interwar period. Today s international institutions facilitate coordination by monitoring and reporting developments and policies across the world in a comparable way aided by the gathering and publishing of economic data. Today policymakers meet regularly to discuss and form consensus views about appropriate measures at the same time learning to understand economic interdependence and to appreciate coordination. Admittedly in the current crisis the framework of multilateral institutions has clearly not been able to prevent protectionist measures altogether or to bring about the best coordination regarding macroeconomic stimulus and financial system support measures. Still the contrast with the Great Depression is striking. 14 See Eichengreen 1992 p. 8-12 and Eichengreen 1996 p. 34-35 . 15 The subject of economics had not yet developed .