As a result, the contribution of net exports to growth tended to decline. This trend sharpened with the outbreak of the global financial crisis, owing both to sliding demand for exports as economic activity slowed in the destination countries and to the policy responses in those countries and in the region. The United States' monetary policy triggered a surge in global liquidity that drove up the value of the region's currencies even further, while in Europe austerity measures reduced demand for its exports. Meanwhile, countercyclical policies in Latin America, intended to prevent or buffer production and employment losses, spurred spending, especially consumer spending, and thus imports.