Sovereign spreads and Target2 anomalies in the eurozone

Widening risk imbalances between eurozone member states threaten monetary union, argues senior Italian regulator

Eurozone curves montage

The dissolution of the single interest rate curve for all member states is among the most important legacies of the eurozone crisis. In fact, for the past 10 years – about half the life of European economic and monetary union – within the common currency area there are as many rate curves as the number of participating countries. Today there are 19 different yield curves, and the differences between these curves give rise to the well-known phenomenon of yield spreads.

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