The writer is group chief economist at Société Générale
Long bond yields in the Eurozone have risen sharply on the back of the “whatever it takes” fiscal measures presented by Germany’s chancellor-in-waiting, Friedrich Merz, on March 4. The benchmark 10-year Bund yield has jumped by about 0.25 percentage points since then.
The sell-off is warranted by fundamentals, given expectations for significantly stronger economic growth and government bond issuance. This is not true elsewhere in the region, where similar scaled debt-financed spending measures are not in the pipeline.
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