The focus section takes a look at the relationship between growth and finance at the level of industrial sectors and shows that more developed financial markets have, to some extent, helped cushion the impact of the crisis on those industries that are more dependent on external funds in the euro area. A first special topic looks at whether the incomplete pass-through of labour cost moderation into export prices observed in some vulnerable euro area Member States is reflected into profitability developments and discusses possible implications for external rebalancing in these Member States. A second special topic studies the link between real consumption and consumer confidence and finds evidence of confidence spillovers across countries.