Here I show cumulative changes of a model-based shock decomposition of long-term yields, starting in May 2013 for the United States and in May 2017 for the euro area.
12 / 15  BIS central bankers' speeches  You can see that while in the United States a combination of macroeconomic, policy and foreign shocks were driving yields higher, in the euro area domestic shocks were appreciably more moderate, and foreign shocks were even putting downward pressure on yields. This happened despite a broadly comparable economic backdrop.