) when the U.S. dollar is a base currency the impact of the news is larger than in case of the euro, (vii) announcements on …

severe eurozone break-up fear. For these periods the premium for the Euro Stoxx 50 index is 2.5 times higher than in non …-stressed periods; for the Euro Stoxx Banks index it reaches on average almost 3% (per announcement). Current theories and explanations …