They find that US monetary policy has no significant impact on euro area beyond these indirect spillovers from US interest rates. Neely (2015) finds spillovers of a similar magnitude. 11  See Canova (2005), Mackowiak (2007), Banerjee et al. (2015), Chen, Filardo, He and Zhu (2015), as well as Georgiadis (2015).
12  See Rogers, Scotti, and Wright (2014), Ehrmann and Fratzscher (2003, 2005), Ehrmann, Fratzscher and Rigobon (2007), Fratzscher, Lo Duca and Straub (2014). 4  BIS central bankers’ speeches  Europe. In response to a euro area monetary policy loosening, this effect would be largely contractionary to the extent that their currencies appreciate vis-à-vis the euro.