Europe's mixed fortunes


2007 will be remembered as the year when conventional yield curve and spread models stopped working - or at least needed considerable refinement to account for immense structural shifts that started unfolding last summer.

Fundamental macro developments, particularly a global recession, remain important drivers for yields in Europe. Yet other factors relating to credit, liquidity and funding issues have become equally important in shaping the European interest rate landscape.

Where will it all end

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