尽管欧元区整体宏观形势向好,但从结构调整、赤字水平和危机应对机制等方面看,欧债危机的影响尚未完全消除,甚至仍然可能带来长期性的变化。2015年以来-欧元区国债市场经历了大幅震荡(见图1)。先是在年初,欧央行量化宽松政策(QE)的实施,使得欧元区国债收益率呈下降趋势,尤其是德国1 0年期国债收益率降至零左右的水平;此后,随着欧元区经济企稳,欧元区国债收益率持续回升;而紧接着-因美国经济增长出现反复导致美联储加息预期有所推迟,再加上欧洲央行宣布不再扩大QE规模及希腊债务问题的反复发酵,欧元区国债市场的波动性 Despite the overall macroeconomic situation in the euro area, the impact of the debt crisis in Europe has not yet been completely eliminated and may even result in long-term changes in terms of structural adjustment, the deficit level and the crisis response mechanism. Since 2015 - the euro zone treasury market experienced a sharp shock (see Figure 1). First, at the beginning of the year, the implementation of the European Central Bank’s quantitative easing (QE) policy led to a downward trend in the yield on the euro zone’s treasury bonds. In particular, the yield on the 10-year German government bond dropped to around zero. Since then, as the euro zone economy has stabilized , The euro zone bond yields continued to rise; And then - due to the United States repeatedly led to the Fed’s economic growth rate hike expectations have been postponed, coupled with the European Central Bank announced that it will no longer expand the scale of QE and the Greek debt problems of repeated fermentation, the euro zone bonds Market volatility