In addition, greater central bank credibility has allowed the development of long-term bond markets in many countries and flattened yield curves around the globe as concerns about future inflation risks have declined. Deeper bond markets with a wider range of available maturities encourage long-term planning and investment and thus convey lasting gains, particularly in emerging markets.
If all goes well, the ECB will announce the general contractor which will carry out the main construction work for the new premises in autumn of this year. The company is currently being selected within the framework of a Europe-wide tender procedure. In January 2009, following the construction of the basement slab, the foundation stone is scheduled to be laid.