Are yield spreads between the euro-zone periphery and core set to widen structurally?

It is reasonable to think that yield spreads between the euro-zone periphery and core are set to become structurally higher: No institutional progress is expected in the euro zone; Global liquidity is slowing do wn; Risk aversion is rising; Political uncertainty may persist in Italy; The rise in interest rates in the peripheral countries is self-fulfilling, as it erodes their fiscal solvency. This shows that instead of picking up, capital mobility between the euro-zone countries is still in decline.