A still fragmented Euro Zone. Illustration with a few charts
The structural heterogeneity of the Euro Zone is well described by the net external financial positions of the different countries. The countries with the highest external debts are those who were particular ly affected when the sovereign debt crisis started. The announcement by the ECB of the possibility to conduct Outright Monetary Transactions has triggered a sharp decrease of the sovereign spreads of the European distressed countries. However the announcement of the possibility of OMT was not successful to significantly reduce the fragmentation of the financial market of the Euro Zone. There remain large differences between the interest rates at which the companies of the different countries can borrow
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