Nevertheless, most euro area trade occurs with our European neighbours, and with Japan and China. This could suggest that the linkages between the United States and the euro area are of a secondary importance. However, this would underestimate the significance of the US economy because there are also indirect transmission channels.
Indeed, the United States plays a broader role in the world economy, and there can be second-round effects that are not captured by the crude figures I have just presented. These second-round effects include trade linkages, but also financial and confidence linkages. After the financial turmoil experienced this summer, it is becoming increasingly important to understand them.