After failed experiments with protectionism, Finland eased restrictions and concluded a free trade agreement with the European Community in 1973, making its markets more competitive. Finland's industrial output declined in 1975. The decline was caused by the free trade agreement that has been made between Finland and the European Community in 1973. The agreement subjected Finnish industry to ever toughening international competition and a strong contraction duly followed in Finland's exports to the West. In 1976 and 1977 growth of industrial output was almost zero, but in 1978 it swung back towards strong growth again. In 1978 and 1979 industrial output grew at above average rate. The stimuli for this were three devaluations of Finnish markka, which lowered value of the markka by a total of 19%. Impacts from the Oil Crisis on Finnish industry were also alleviated by Finland's bilateral trade with the Soviet Union.