Euro-zone bond investors are starting to accept zero long-term interest rates

Long-term interest rates in the euro zone currently remain at a very low level without ECB intervention and without considerable purchases of euro-zone bonds by non-residents. This shows that euro-zone bond investor s are starting to accept zero (or very low) interest rates. As a result: Long-term interest rates remain very low without any particular ECB intervention; The fact that investors in the zone euro are accumulating bonds with zero yields makes these virtually zero long -term interest increasingly irreversible; We learn that investors in the euro zone have a deflationary view of the euro-zone economy, otherwise they would not accept zero interest rates; As euro-zone inflation is positive, real interest rates are very negative, imposing a significant tax on investors.