A relation between the Euler characteristics of the Milnor fibres of a
real analytic function is derived from a simple identity involving co
mplex monodromy and complex conjugation. A corollary is the result of
Coste and Kurdyka that the Euler characteristic of the local link of a
n irreducible algebraic subset of a real algebraic set is generically
constant module 4. A similar relation for iterated Milnor fibres of or
dered sets of functions is used to define topological invariants of or
dered collections of algebraic subsets.