Fig. 1

The euro area macro-network of financial exposures as a result of a two-dimension aggegation: by country and by institutional sector. The euro area macro-network of financial exposures is obtained by aggregating i) the nineteen macro-networks of financial exposures among the institutional sectors operating in the nineteen countries belonging to the Eurozone and their mutual interactions, illustrated as shadows of the macro-nodes (i.e., the grey rectangles) in the left-hand side of the picture, and ii) the micro-based granular financial exposures among the different institutions (i.e., the micro-nodes, represented as blue circles) operating within every institutional sector, as represented in the left-hand side of the picture. This two-dimension aggregation leads to the euro area macro-network of financial exposures, represented in the right-hand side of the picture