ECB: No one is ‘safe’ from euro crisis

A report by the European Central Bank (ECB) published on 12 August 2013 said that even 'safe haven' countries are prone to financial shocks from the euro crisis.

The paper, by ECB economist Livio Stracca ['The global effects of the euro debt crisis' ...] noted that the profitability of financial companies jumped up or down at key moments in the crisis between January 2010 and May 2013 even in places, such as Germany or the US, where sovereign bonds remained healthy.

The paper identified 18 important crisis events, highlighting the impact of EU statements, of political developments and of media reports.