1. A computer-implemented method for monitoring performance in a distributed computing environment, comprising: providing a repository that stores a plurality of existing event records, where each existing event record describes an event in the distributed computing environment; receiving, by an event correlator, an incoming event record which describes an event in the distributed computing environment; forming a pair of records between the incoming event record and each existing event record in the plurality of existing event records; determining a first causality factor for each pair of records, where the causality factor describes probability that event described in the incoming event record is cause of an event described in a respective existing event record; determining a second causality factor for each pair of records, where the causality factor describes probability that event described in the incoming event record is an effect of an event described in a respective existing event record; and creating an event causality record from a given record pair and storing the event causality record in the repository when either the first causality factor or the second causality factor from the given record pair exceeds a threshold, where the event causality record describes a causal relationship between two events which occurred in the distributed computing environment.