7  Van Beers, M., Bijlsma, M. and Zwart, G. (2014), “Cross-country insurance mechanisms in currency unions: an empirical assessment”, Bruegel Working Paper 2014/04, March. 8  Sørensen, B. and Yosha, O. (1996), “Channels of interstate risk sharing: United States (1963–1990)”, The Quarterly Journal of Economics, November.
BIS central bankers’ speeches  3  of two cross-border risk-sharing channels: private ownership of financial and non-financial firms and private insurance against banking crises. First, private ownership structures in the euro area do not offer much possibility for risk sharing.