Italian paper studies impact of euro break-up fears


A working paper published by the Bank of Italy on September 4, examines if recent shifts in interest rates in the eurozone can be attributed to fears of a break-up.

The authors, Antonio Di Cesare, Giuseppe Grande, Michele Manna and Marco Taboga, highlight "large and persistent gaps" between actual interest rates and the rates that could be justified on the basis of macroeconomic fundamentals of several countries in the eurozone.

One factor driving these gaps, the paper says, may be the risk of a

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