What effect does Germany’s public debt have on the interest rates of the other core euro-zone countries?

Germany is conducting a restrictive fiscal policy, resulting in a rapid decline in its public debt ratio. This could have increased the long-term yield spread between the core euro-zone countries other than Germany and Germany. But the mechanism has been different: because investors have not been able to buy German bonds, they have switched to other core euro-zone bonds - especially French bonds - which are abundant. On the contrary, this has led to a tightening of the long-term yield spread between the core euro-zone countries other than Germany and G e rmany.