We observed a measurable upward movement at all tenors as well as a steepening of the curve. As a result, just before the announcement of the PEPP on 18 March, GDP-weighted 10-year euro area sovereign bond yields were around 70 basis points higher than before the outbreak of the pandemic.
I would also like to draw your attention to a new report entitled “Financial integration in Europe”, which the European Central Bank (ECB) published for the first time just three weeks ago.