All the more so because Europe is regularly  3  See P. Asdrubali, B. Sorensen and O. Yosha, “Channels of interstate risk sharing: United States 1963-1990”, Quarterly Journal of Economics Vol. 111, 1996. 4  See S. Kalemli-Ozcan, B. Sorensen and O. Yosha, “Asymmetric shocks and risk sharing in a monetary union: Updated evidence and policy implications for Europe”, CEPR Discussion Paper No.
4463. 4  BIS Review 105/2007  confronted with various adverse events or shocks, for instance in the context of globalisation, which translates in particular into greater interdependence between our economies through an increase in cross-border transactions of goods, labour and capital. Let me briefly elaborate on this aspect. Globalisation is triggering major transformations all over the world, not only in Europe.