A New Euro Crisis?
Risk premiums for 10-year government
bonds relative to German bonds,
as a percentage
ECB announces
emergency bond-
buying program
2.0
Italy
1.59
1.0
Spain
0.93
France
0.45
0.0
July
Nov.
March
Sept.
Jan.
2019
2020
Source: Refinitiv Datastream; as of March 26