Despite the partial realignment of European long-term government bonds after theudcrisis in 2012, there has been some renewed divergence in yields in the last years. Weudanalyse the sources of these divergences and find that the government bond marketsudin the Eurozone are highly sensitive to changing market sentiments, both in time andudacross countries. We analyse the implications of this finding for the QE-programme.udOur analysis of the recent developments in the bond markets and in theudmacroeconomic developments of the euro area suggests that pulling the plug on QEudtoo soon might undo some of the benefits of QE in the countries of the periphery andudmay lead to increases in the refinancing costs of member states with little or no fiscaludspace
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机译：尽管2012年金融危机后欧洲长期政府债券进行了部分重组，但最近几年收益率出现了新的分歧。我们 u u200b u200b分析了这些分歧的根源，发现欧元区的政府债券市场对时间和整个国家/地区的不断变化的市场情绪高度敏感。我们分析了这一发现对量化宽松计划的含义。 ud我们对债券市场和欧元区宏观经济发展的最新动态分析表明，取消量化宽松政策可能很快会抵消部分收益。外围国家的量化宽松政策， ud可能导致几乎没有财政 udspace的成员国的再融资成本增加
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