on potential differences in the transmission of the monetary policy shock depending on the level of interest rates in the … country from where the shock originates, i.e., the euro area. A euro area monetary policy shock when euro area interest rates … are positive at the time the shock occurs tends to trigger positive spillovers to industrial production, house and stock …

Financial conditions in the emerging markets (EMs) have become more dependent on the 'world' long-term interest rate …