This is tilted more towards goods than services, matching the composition of euro area exports better than that of other large advanced economies. Therefore, in macroeconomic terms, the euro area’s trade relationship with emerging economies has been generally positive. Conclusion In spite of the decoupling experienced in recent years, the fortunes of advanced and emerging economies are intimately linked.
The systemic impact of failure of a financial institution depends critically on the robustness of the infrastructure underpinning those markets in which it is active. Central banks, which in many cases are engaged in oversight of these systems, should play an important role in this regard, in cooperation with securities regulators and supervisors of individual institutions”.