(2015),“The Euro Area Crisis: Need for a Supranational Fiscal Risk Sharing  Mechanism?”, Open Economies Review, Vol. 26, No 4, pp. 683–710; Nikolov, P. (2016), “Cross-border risk sharing after asymmetric shocks: evidence from the euro area and the United States”, Quarterly Report on the Euro Area, Vol. 15, No 2.
The direct provision of credit from the United Kingdom is extremely limited, not exceeding 1% of credit to firms and 2% of credit to households in the euro area. Lending through loan syndicates is also small: around 10% of syndicated loans granted to euro area firms involve UK banks.