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A huge balance sheet to contain risk premiums

Markets had underestimated the ECB's ability to avoid fragmentation.

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A huge balance sheet to contain risk premiums

Markets had underestimated the ECB's ability to avoid fragmentation.

Among the many collateral effects of the foreseeable rises in central bank rates, perhaps the most worrying is the increase in risk premiums on the periphery of the euro zone, which revives the specter of a fragmentation

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