Looking at historical cross-country interactions, this book examines the role of the US in the world economy. Illustrating that US shocks tend to have a global nature and that Monetary Union only partially shelters the Euro area from its external environment, the US should fully assume its responsibility, minimizing shock transmission.
business business cycle economy environment Euro Euro area financial crisis interaction monetary union rating science and technology systemic change trade USA
Authors and affiliations
Filippo di Mauro
Marco J. Lombardi
1.External Developments DivisionEuropean Central BankGermany
Copyright InformationPalgrave Macmillan, a division of Macmillan Publishers Limited 2010