This database, which was established by researchers from the Czech National Bank with the input of all ESCB members, has just been made available to interested researchers on the ECB’s website.5 A last major orientation of MaRs is the assessment of contagion risks. This concerns particularly the cross-border connectedness of banks and associated contagion risks in Europe, notably via dysfunctional money markets.
It is obvious that we have become more dependent on the large emerging economies, especially China and Russia. Given the growing importance of both Russia and China, it is interesting that within both the EU, and also the euro area, different countries still have different economic ties with these two emerging giants. Partially these differences are driven by geography, partly by economic structure.