Here again, the euro area can be seen as a microcosm of the global economy – just as a Korean garden is a microcosm of nature. Global liquidity and international risk-sharing in the current environment One important point in this context is the emergence of a “home bias” and de-globalisation following the global financial crisis.
15  An example of recent research on this subject is: Joseph Gagnon, Matthew Raskin, Julie Remache, and Brian Sack (2010), “Large-Scale Asset Purchases by the Federal Reserve: Did They Work?” Staff Report no. 441 (New York: Federal Reserve Bank of New York, March). See also Gertler and Karadi (2009), footnote 14.