Directly analogizing the OAT–BUND spread to the 2011 European sovereign debt crisis— I think this comparison is made too quickly. Back in 2011, what was in question was the member states’ own capacity to refinance. In the material at hand right now, we’re only given that the spread has returned to that range. What I care more about is the persistence of the spread widening, rather than a phrase like “the money printer is warming up.” After all, the former is an observable fact, whereas the latter is only a guess about policy reactions.