"If any of these risks were to materialise, it is likely that a contagion effect would be observed in short order," they add.

But the market will also look for measures to ring-fence Italy and Spain from any contagion effect.

Having instability and the public debt issue still not solved, the contagion effects and instability would spread into the system.

They never expected the Arab Uprising nor its contagion effect.

That's helping us not to feel the contagion effect from the politics.

Repeatedly it said the Asian crisis - and then its contagion effects around the world - was abating.

Dr. Kavanagh said the school was offering its services to head off any "contagion effect."

"The contagion effect would have been felt from Brazil to Thailand," he said.

"The contagion effect," he said, "poses a considerable risk for Western Europe."

Finally, there is the strong possibility that a contagion effect will operate in this setting.