Ehrmann, Michael; Fratzscher, Marcel - C.E.P.R. Discussion Papers - 2015
The paper analyzes the integration of euro area sovereign bond markets during the European sovereign debt crisis. It … same time, Italy and Spain became more interdependent after the OMT announcement, providing our only evidence of contagion …. While this suggests that countries have been effectively ring-fenced, and Italy and Spain benefited from the joint reduction …