The Commission concludes that the most likely long-run impact of the crisis will be a permanent loss in the level of the euro area’s output of roughly 5%, with no long-run effect on its growth rate.
More than half the New Zealand government bonds on issue are now held overseas, and the proportion of some of the longer-dated bonds held overseas is even higher. (In recent months, for example, more than 70 percent of the longest-dated nominal bond held by the market has been held by overseas investors.)