During the euro-area crisis, interest rate spreads between the sovereign debt of peripheral countries and Germany widened
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During the euro-area crisis, interest rate spreads between the sovereign debt of peripheral countries and Germany widened most sharply when it was feared that one or more countries might leave the euro area. These spreads narrowed when ECB actions restored confidence in the monetary union. What accounts for this pattern?
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Related Book For 
Money Banking And Financial Markets
ISBN: 9781260226782
6th Edition
Authors: Stephen Cecchetti, Kermit Schoenholtz
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