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.

Inhalt
Preface Acknowledgements Introduction Business Cycle Synchronisation: Disentangling Global Trade and Financial Linkages Business Cycle Synchronisation: The United States and the Euro Area The United States and the Euro Area: What do Structural Models say about the Linkages? The United States and the Euro Area: The Role of Asset Prices Economic Interactions US-Euro Area over the 2007-09 Financial crisis: What did we Learn? Relationship US-Euro area in a Context of possible Systemic Changes Conclusion Index