Do dollar long-term interest rates have a direct influence on euro long-term interest rates?

It is usually thought that dollar long-term interest rates have a direct influence on euro long-term interest rates: according to this view , a more restrictive monetary policy in the United States drives up long-term interest rates in the euro zone. But is it certain that dollar long-term interest rates have a direct influence on euro long-term interest rates and not simply that dollar and euro long-term interest rates respond in parallel to global shocks: changes in global liquidity or foreign-exchange reserves, changes in risk aversion? An econometric analysis shows that dollar long-te rm interest rates do have a direct effect on euro long-term interest rates.