Phase I – second half of 2004 when interest rate cycle turned up from 5.00% to over 7.00%, following a prolonged rally; 2. Phase II – post the global financial crisis when yields rose from around 5.25% in December 2008 to around 8.80% by November 2011; and, 3.
And for the world, the euro has become a major player in the international monetary system and the global economy. Yet, during the global financial crisis, EMU was seriously put to the test.