Research uses a consumption-based measure of risk sharing to identify what happens to regional risk sharing as global risk sharing changes over time, and vice versa. It might be expected that as Europe becomes more integrated, risk sharing in the European region would increase, especially for "more integrated" member countries. However as Europe integrates (and possibly share more risks through trade and financial markets, among other things), what happens to risk sharing with the world at large cannot be known a priori. The data is directly derived from the Penn World Tables 9.0. The coefficients obtained by regressing domestic consumption per capita growth on (1) regional output per capita growth and (2) world output per capita growth, while controlling for (3) domestic output per capita growth are used to identify regional and world output per capita growth respectively. The time-variation and structural breaks in (1) and (2) form the basis of analysis in the paper.