始于2010年年初的欧债危机至今已近三年。危机的发展在2012年年中达到顶峰后,正展现出走向新模式的迹象。欧元区股市、外围国家债市、欧元汇率的表现反映出投资者已从危机的恐慌情绪中走出(见图1),即使近期出现的意大利大选僵局也未能给市场施加过多的负面影响:截至3月5日的一周中,处在危机中心的意大利的10年期国债收益率,仅上行24个bp,相当于希腊大选后一周 The debt crisis that started in early 2010 has been almost three years. After the crisis peaked in mid-2012, it is showing signs of moving to a new model. The performance of the eurozone equities, the peripheral bond markets and the euro reflects the fact that investors have emerged from the crisis (see Figure 1), even though the recent stalemate in the Italian presidential election failed to exert too much of a negative effect on the market: In the week ending March 5, Italy’s 10-year bond yield, which is at the center of the crisis, rose only 24 bp, the week after the Greek election