1.   It was alleged that exchange rate changes would reflect money supply growth rate differentials and, consequently, exchange rate flexibility would insulate countries from external nominal shocks.

2.   And then there is always the unexpected, such as a major policy error by the government or an external shock, such as another spike in oil prices.

3.   Both economists agree an external shock to the economy such as a war or steep hikes in oil prices will drive the country into recession.

4.   A slowing economy is more susceptible to external shocks than a rapidly growing one.

5.   Both regions are thus largely independent of external constraints and can manage their policies without being thrown off course by any but the most severe external shocks.

6.   One problem with a single currency is that an external shock can hit some countries or regions harder than others.

7.   Physio-Control is the market leader in automated external defibrillators, devices that shock the heart back into normal rhythm using an external shock applied through paddles.

8.   That is partly because slower-growing economies are more vulnerable to external shocks than booming ones.

9.   That, combined with external shocks like the Persian Gulf war, has led to billions of dollars in carrier losses over the decades.

10.   The chances of being thrown off track by an external shock are by definition unknowable, and in that sense, a downturn is always a possibility.