ECB should focus on CDS spreads, not inflation

Eurozone quanto CDS spreads reveal market views on break-up risks

Marcello Minenna

In Europe, the mood has improved over the past couple of years, but the fundamentals have not: EU treaties do not allow the European Central Bank (ECB) to print money to finance EU budget deficits, and the European public debt stands at roughly €10 trillion, with an average government debt-to-GDP ratio approaching 100%.

The lack of common structural rules for fiscal policies, such as taxation and transfer pricing, forces market participants to measure creditworthiness of EU countries via the

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Calibrating interest rate curves for a new era

Dmitry Pugachevsky, director of research at Quantifi, explores why building an accurate and robust interest rate curve has considerable implications for a broad range of financial operations – from setting benchmark rates to managing risk – and hinges on…

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