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Monetary and financial trends

Long-Term Yield Spreads to Germany - Part 1

This article contains a non-technical summary of the four articles in Part 2 of this Monetary Review which examine the determinants of long-term government yield spreads to Germany for a number of EU member states. Yield spreads tend to be lower for countries with sound public finances and macroeconomic balances under control than for countries with substantial government debts and macroeconomic imbalances. However, economic fundamentals are far from always the only determinant of yield spreads. In certain periods, market-related and institutional factors, assessments from the international credit rating agencies and policy initiatives have played a key role in yield spread developments.