The crisis is not relinquishing its grip on Europe. From autumn 2008 to early 2009 the world market experienced the deepest slump in economic output since the Second World War. This is a global crisis. Even in emerging economies like China, Brazil or India economic growth declined and could not compensate for the recession in the North Atlantic region. For the first time since the worldwide economic crisis of the 1930s global economic output has shrunk. After a brief uptick in 2010 which barely restored the level of reproduction prior to the crisis, in 2011 growth was again in worldwide decline. In the last quarter of 2011 economic output in the EU shrunk by 0.3 per cent. In the first months of 2012 industrial production in the large EU nations of France, Italy and Spain contracted further.