Most notably though for this audience, the Australian yield curve has shifted down more so than in these other economies over the past year. Graph 4  As well as helping to reduce risk-free rates, the effect of the easier stance of monetary policies is evident in other financial markets. Corporate bond yields have declined this year (Graph 5).
Trichet: Germany played a decisive role in the establishment of the Treaty of Rome in 1958, the Single European Act in 1986 and, in particular, Monetary Union. Germany has also  BIS central bankers’ speeches  1  succeeded remarkably well in regaining its competitiveness over the last ten years.