Reuters Breakingviews delivers agenda-setting financial insight. Its global correspondents react to stories as they develop, delivering sharp and provocative commentary on big financial news as it breaks. Click here to read more international insights.
The euro zone crisis has tuned to a slow burn. Government bond spreads now discipline, rather than terrorize governments. But they can still hurt local economies and are, by several measures, higher than they should be. It shows the success, and limits, of ECB policy.