Many Critiques had expected that the yield curve of the new Euro would be an average – and thus higher – of the former basket of different currencies. This result is remarkable not least because the stability of the euro had to be defended against a series of shocks. Let me name a few: 1.
Since 1999 oil prices increased sharply peaking at $ per barrel in 2008;  2. Rising and volatile prices of food and commodities;  3. The internet bubble burst at the beginning of the new millennium ;  4. The events of 11 September 2001;  5.