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Is financial stability at risk in these stormy times?
The ECB Podcast
Bond and Stock Market Declines
Since 1998, there have been three euro-area stock market declines of 20% or more. Risk-free bond returns had never been negative in stocks of volume except for this year. The Russian invasion of Ukraine triggered a supply-side shock that raised energy prices and that in turn raised costs of production in the economy. And then finally, we have the amplifiers - once a correction gets underway, market sentiment often turns sour.
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