In conducting monetary policy the European Central Bank ECB must
In conducting monetary policy, the European Central Bank (ECB) must balance the needs of euro-area countries with differing economic conditions. Plot since 1990 the yield spread between government bonds in Italy (FRED code: INTGSBITM193N) and Germany (FRED code: INTGSBDEM193N), along with the yield spread between government bonds in Spain (FRED code: INTGSBES193N) and Germany. Discuss the yield spreads after 2008 and explain how they reflect policy challenges for the ECB.

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