Core euro-zone countries’ long-term interest rates will remain very low

We believe core euro-zone countries’ long-term interest rates will remain very low, since : Risk aversi on will remain high due to protectionism, the Turkish crisis, and the sanctions against Iran and Russia; Italy’s fiscal policy may prompt investors to switch to core country bonds; The slowdown in euro-zone growth will make it difficult for the ECB to raise interest rates; If the stabilisation of the oil price is confirmed, headline inflation will fall.