In turn, a persistent shift in the long rate can be attributed to trends in fundamental factors such as demographics and productivity growth. A permanent decline in the long rate has implications for asset valuations, debt sustainability and the net incomes of creditors and debtors.
They would be binding ex ante, which is an entirely new quality, and written into the primary legislations of the member states. The second line of action is a set of meaningful, significant decisions taken by the ECB last week. We cut the main interest rate by 25 basis points.