25 Sep 2016

Ultra-low/Negative yields on euro-area long-term bonds

Reasons and implications for monetary policy

Daniel Gros

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The notes in this compilation discuss the main factors underlying the extraordinary low levels of long-term rates across the euro area, assess the risks for financial stability and the implications for ECB monetary policy. The notes have been requested by the Committee on Economic and Monetary Affairs as an input for the September 2016 session of the Monetary Dialogue.