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Denouement<br />
• Agreement on Banking Union and the Fiscal compact<br />
• Draghi’s “whatever it takes”<br />
10 yr gov't bond yields (%)<br />
40<br />
35<br />
30<br />
25<br />
20<br />
15<br />
10<br />
5<br />
0<br />
Draghi speech<br />
Greece<br />
Ireland<br />
Italy<br />
Spain<br />
Portugal<br />
Austria<br />
Belgium<br />
France<br />
Germany<br />
Lux'g<br />
NL<br />
Finland<br />
Figure: Yields converged again after Draghi’s intervention
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