Volatility rose; selling pressure rose. As other European governments began to adopt travel bans, lockdowns, and school closures, there was a surging demand for safe assets. With fears of a widespread economic slowdown proliferating in late February and early March, Treasury prices rose and yields fell sharply, as usually happens when the economic outlook worsens.
1/7  BIS central bankers' speeches  If some Member States adjust more slowly than others, economic differences may become permanent. And to the extent that this endangers the effectiveness of monetary policy and the cohesion of the Union, it has potentially damaging consequences for all Member States.