argued that EMU is of greatest utility for Germany due to the countries' longstanding wage moderation and strong export … important foreign market for German manufacturers, a complete break-up of EMU could noticeably weaken German export performance …

) across firms that differ in their export status. We find no adverse effects of the financial crisis on foreign market entry … or exit, but a considerable increase in the export intensity of firms after the financial crisis. Moreover, we find that … strong export performance of Spain in the aftermath of the great trade collapse: improved aggregate competitiveness due to …