ECB: German bonds the European safe-haven
A paper published by the European Central Bank in February on government bond risk premiums in the EU finds that during the crisis German treasuries gained a safe-haven status in international financial markets similar to that in US government debt.
The paper looks at dollar and deutschmark/euro denominated government bond spreads relative to US and German benchmark bonds before and after the start of the current financial crisis.
The study finds that bond yield spreads before and during the
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