The euro zone has only faced one of the three trade shocks about to hit it /Martin Sandbu, FT, 11 September 2019/.
Indeed, many more will come in the near future. Brexit, American trade warfare against Europe, currency wars, targeted attacks against some strong European industries, “surprise” attacks against some major European banks, new energy shocks, etc.
The euro zone has been vulnerable to all these shocks since the last global financial crisis due to the haunting legacy of the failed austerity policies and the deepening division of the euro zone member countries.
Governor Matolcsy, MNB, the Central Bank of Hungary