ECB’s Moulin: Rising Long-Term Rates a Global Phenomenon

Moulin's framing of higher long-term yields as a global phenomenon, rather than a euro-area-specific risk premium, is the notable part: it implies the ECB reads the move as a shared repricing of duration and inflation risk, not as markets singling out European fiscal credibility. The simultaneous emphasis on deficit reduction and central bank credibility signals that fiscal and monetary authorities are being pushed toward the same restrictive direction, which matters for the cost of capital across risk assets, including tokenized real-world assets. Whether that yields-driven tightening actually feeds into euro-area financing conditions is the open question.