[22] Indeed, when the ECB introduced forward guidance and asset purchases between 2013 and 2015, the correlation between US and euro area financing conditions weakened significantly (Chart 7, left panel). And in recent months, euro area yields have decoupled from those in the United States (Chart 7, right panel).
Financial integration has allowed the movement across borders not only of goods but also of funds. The funds market has indeed become global. Yield-seeking by investors as well as capital raising activities of users of funds ceased to be confined to their own borders because of globalization.