The “exchange rate competitiveness” channel, through which monetary policy affects the exchange rate, meaning it changes the price of domestic goods relative to foreign goods. 3. The “financial channel”, through which monetary policy affects domestic financial conditions. When there are strong financial connections between countries, these conditions may change abroad as well. From these transmission channels, let me focus on the “financial channel” for the remainder of my talk. Financial spillovers from US monetary policy to the euro area Measuring international spillovers is not easy, because global shocks lead to economies moving in a synchronised manner for reasons unrelated to monetary policy.1 In line with previous evidence2, recent ECB research identifies large financial spillovers from US monetary policy to global financial conditions, including euro area financial conditions.3 More specifically, over the course of one month, monetary policy tightening by the Federal Reserve System drives up euro area corporate bond spreads4 just as much as US corporate bond spreads. It also triggers declines in euro area stock markets of a similar magnitude to the declines in US stock markets.5 However, the financial spillovers from ECB monetary policy to US bond spreads, or to foreign equity markets, are found to be less impactful. This asymmetry in the international impact of US 1/6  BIS central bankers' speeches  monetary policy and euro area monetary policy is rooted in the dominant role of the US dollar in global financial markets.
When you take a closer look you’ll see the new ten has the same new features as the new five: a portrait of Europa – a figure from Greek mythology – in both the hologram and the watermark, as well as the emerald number, which changes colour from green to deep blue when you tilt the note. Introducing a new banknote, especially one used as much as the ten, is a major undertaking. It requires a lot of planning and preparation to gradually replace the two billion or so ten euro notes currently in circulation. I would like to thank all who were involved in this process within the Eurosystem. I would also like to thank the banks, retailers and other cash-handling professionals, who will, in the end, put those new notes in your hands. I know that banknote equipment manufacturers and suppliers are already working hard to ensure that the  BIS central bankers’ speeches  1  machines are adapted in good time so that the introduction goes smoothly, and I want to thank them as well for the vital part they play. We are announcing the date of issuance and are sharing the required technical information well in advance to give all parties enough time to get ready. The new Europa series ten euro banknote will start circulating on Tuesday 23 September this year. And now it’s time to see the new ten euro banknote. 2  BIS central bankers’ speeches