The paper discusses global imbalances under the aspect of an asymmetric world monetary system. It identifies the US and … current account balance of the euro area has been by and large balanced. The paper finds that changes of world current account …

of the monetary union, have on the rest of the world. Disentangling euro area stress shocks and global risk aversion … area but also for the rest of the world. Notably, an increase in euro area stress entails a slowdown of economic activity … in the rest of the world, as well as a fall in imports/exports of both the euro area and the rest of the world. A …