The 2008-2009 season was characterized by an imbalance between wine supply and demand. World wine production remained at levels similar to those of the previous season. However, export volumes and global consumption both registered a slight decline as a result of an accumulation of wine stocks and strong downward pressure on prices paid to producers. The instability of the world wine market is thus confirmed, wrong footing the principles and expected effects of the recent implementation of the new European wine-producing policy.