The behaviour of real yields has puzzled many market participants. In a recovery, real long-term yields would typically recover from the lows of the crisis and rise back to levels that are broadly consistent with the (new) real growth potential of the economy.
European Central Bank: Press conference - introductory statement Introductory statement by Mr Jean-Claude Trichet, President of the European Central Bank and Mr Lucas Papademos, Vice-President of the European Central Bank, Frankfurt am Main, 4 November 2004.