The euro has appreciated by 11 per cent against the pound but has depreciated against the dollar, the yen and the yuan; in effective terms it has remained substantially unchanged.
The impact on the interest rate differentials between government securities in the euro area has been limited, thanks above all to the stabilizing effect of the Eurosystem’s asset purchase programme: the yield on ten-year Italian government bonds (BTPs) has fallen by 16 basis points, the differential with respect to the corresponding German Bund has widened by 11 basis points.