Complex monodromy and the topology of real algebraic sets

We study the Euler characteristic of the real Milnor fibres of a real analytic map, using a relation between complex monodromy and complex conjugation. We deduce the result of Coste and Kurdyka that the Euler characteristic of the link of an irreducible algebraic subset of a real algebraic set is generically constant modulo 4. We generalize this result to iterated links of ordered families of algebraic subsets.