This paper investigates whether the degree of interdependence between the United States and the euro area economies has … markets has increased strongly around EMU. Although spillover effects from the United States to the euro area remain stronger … than in the opposite direction, US markets have started reacting to euro area developments since the onset of EMU. Second …

United States and the euro area have changed with the advent of EMU. Using real-time data, it addresses this issue from the … interest rates in the United States and the euro area. First, the paper finds that the interdependence of money markets has … increased strongly around EMU. Although spillover effects from the United States to the euro area remain stronger than in the …