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15th Jun 2022 00:10Eurozone, Daily Monitor

We think the ECB’s pain threshold for BTP spreads is 300-to-350bp, much higher than in the past.

An explicit commitment to an active use of PEPP reinvestments is the most likely initial response.

BTP spreads will rise further in the near term, but Italian 10-year bonds are attractive in their own right

btp btp yields debt-to-GDP ratio deficit ECB ecb policy euro euro area gdp growth germany governing council government interest rate interest rates italian government italy January July loans March policy qe September short-term rates sovereign debt crisis spain yields

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Keywords for: What Degree of Fragmentation is Too Much for the ECB?

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