562-567 and C. Engel (2016), “Exchange Rates, Interest Rates, and the Risk Premium”, American Economic Review 106, pp. 436-474. [22] See Ca’Zorzi et al., op. cit. [23] See Rey, H., “Dilemma, not trilemma: the global cycle and monetary policy independence”, Proceedings – Economic Policy Symposium – Jackson Hole, Federal Reserve Bank of Kansas City, 2013, pp. 1‑2.
[24] International loans are defined as loans by banks outside the currency area to borrowers outside the currency area. International loans in euro correspond to all euro-denominated loans by banks outside the euro area to borrowers outside the euro area. [25] See also the statistical release of BIS global liquidity indicators at end-June 2019, available at:  https://www.bis.org/statistics/gli1910.pdf.