euro area and for supervising all euro area banks in order to ensure their safety and soundness, some directly and some …

This article surveys the literature on consumption risk sharing, focusing on the findings for the euro area and for the … more mature federations, such as the United States, than in the euro area. The papers surveyed suggest that state …, especially in the euro area. Overall, about 70% of shocks is smoothed in the United States while just 40% in the euro area. At …