Figure 8  Real interest rates in the euro area (per cent)  Term structure, spot rates  Term structure, 1-year forward rates  2  2  2  2  1  1  1  1  0  0  0  0  -1  -1  -1  -1  -2  -2  -2  -2  -3  -3  -3  -3  -4  -4 end−2021 -5 mid−2022 9 February 2023 -6 -6 1 year 3 year 5 year 7 year 9 year 2 year 4 year 6 year 8 year 10 years  -4  -5  -5  -4 end−2021 -5 mid−2022 9 February 2023 -6 -6 spot 2y fwd 4y fwd 6y fwd 8y fwd 1y fwd 3y fwd 5y fwd 7y fwd 9y fwd  Source: based on Bloomberg and Refinitiv data.
Note: nominal OIS interest rates deflated by the corresponding inflation‑linked swap rates.