Volatility Compression and ConvergenceThe chart below (from the ECB's monthly bulletin) compares volatility for euro area, US and Japanese stocks. It's a converging world out there - as far as everyone's risk perceptions are concerned. Evidence of complacency becoming a global virus.
![](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiMcJX5sj-ZvLNU7akH0GjbcwGB1-v04jNlgeB0WpRVVMTGsLYtJVL1WVMhw6Pjzwd4fahL_47sGfEBOpMIyo8QicFvacYyYAv1o2r0BrIVjhMADoofXRNJqEoQXVs7g7QZ3U3ks7ICQKnB/s400/VOL.JPG)
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