The Future of the Euro Area Reserve Management

The 10 year euro swap right now, it's trading about 3% levels we haven't seen since pre the QE era in the euro area. And I've been wondering myself whether this could mean that reserve managers across central banks worldwide could sort of reach the conclusion that the euro area is once again Investible from a fixed income perspective. What do you make of that discussion? Oh, the answer to that question is yes, I mean, because they've crossed the Rubicon with the recovery fund. So the regime and structure is now in place for them to issue debt, and divide the money unevenly.