Are we able to explain the level of the 10-year interest rate in Germany?

One year ago, investors thought that Germany’s 10-year interest rate would no w be 0.7%, whereas it is barely higher than 0.2%. Are we able to explain why the euro 10-year interest rate has remained so low? An econometric analysis shows that the German 10-year interest rate can be explained by: The 2-year interest rate; Expected inflation; Risk perception; The supply of government bonds; The level of the monetary base. This suggests that the current level of the German 10-year interest rate is so low because: Expected inflation has fallen; Risk perception has risen; Germany has a large fiscal surplus; The level of the monetary base has continued to rise.