In addition, much of the risk was laid off in the banking sector so that the fortunes of the  4  BIS Review 53/2009  banking industry and the insurance industry in the US became intertwined.
In other words, if governments embark on economic policies that are not sound, or hamper the functioning of  BIS Review 22/2003  1  their economies, the adverse consequences will not be limited to the country concerned, but will also have an impact on other countries participating in the euro area.