European government bond spreads in the current crisis
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Jürgen von Hagen, Ludger Schuknecht, Guido Wolswijk 21 December 2009
Spreads on government bonds in the EU15 have risen dramatically since the Lehman default in September 2008. This column shows that financial markets’ reactions were not random but rather reflect an intensification of risk concerns, especially regarding the state of public finances. German bonds have acquired a ‘safe-haven' status that they did not have before.
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