A significant expansion of this market could reduce the currently high cost of these policies. Italy is still very behind in this area: in the period 1980-2020, only 6 per cent of the losses connected with such events were covered by insurance on average, compared with 22 per cent in Europe.
Spillovers from euro area monetary policy Turning to the euro area, the evidence suggests that spillovers from euro area monetary policy are smaller than those from the US, not least because of the dominance of the US dollar in global financial markets.