force in world capital markets, although the importance of EU monetary policy decisions has been increasing and a Euro bloc …

of the monetary union, have on the rest of the world, by disentangling euro area stress shocks and global risk aversion … the euro area but also for the rest of the world. Notably, an increase in euro area stress entails a slowdown of economic … activity in the rest of the world, as well as a fall in imports/exports of both the euro area and the rest of the world. A …