The average of these coefficients is calculated for each time period. •  Data source: EU AMECO database  There are additional reasons that a monetary union reduces the incidence of country-specific shocks. One of the principal causes of asymmetric shocks − divergent monetary policies − no longer exists.
For financial authorities, it is and will always be about the financial system as a whole and that whole has to be appreciated as being more than the sum of its parts. We also talk about how we can be better, addressing some of more immediate challenges that have come up because of Covid.