BIS Review 74/2009  1  This was the point when important spillovers of the financial crisis set in. We saw the almost immediate spillover from the financial sector to the real economy.
Sovereign debt The narrowing of the spread between ten-year BTPs and German Bunds to about 200 basis points, the level recorded in July 2011, reflects the abatement of the risk of a euro-area break up and strengthening market confidence.