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Not only has inflation in the euro area accelerated to historical levels in 2022, but also the dispersion of inflation across Member States has risen strongly. We investigate the nature of this dispersion and find that it is driven by energy and food prices, whereas differences in core inflation are not unusually high, except for the Baltic countries. While large differences in inflation can lead to an undesirable divergence in growth trajectories, this cannot be addressed by the common monetary ...

Despite the partial realignment of European long-term government bonds after the crisis in 2012, there has been some renewed divergence in yields in the last years. We find that the government bond markets in the euro area are highly sensitive to changing market sentiments, both in time and across countries. Our analysis suggests that pulling the plug on QE too soon might undo some of the benefits of QE in the countries of the periphery and may lead to increases in the refinancing costs of member ...