6 See, for instance, ECB (2007), “The role of financial markets and innovation in productivity and growth in  Europe” , Occasional Paper Series, No 72, as well as ECB (2018), Financial integration in Europe, Special Feature A: “Financial development, financial structure and growth: evidence from Europe”.
An additional transmission channel of the Argentine crisis was the run by Argentine citizens - as well as by residents of Uruguay - on their dollar accounts with banks in Uruguay after bank accounts in Argentina had been frozen. In the process, Uruguay quickly ended up with a dollar shortage and thus faced the risk of its banking system breaking down.