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The gilt crash in the UK was not a repeat of the Eurozone sovereign debt crisis, but rather a liquidity-induced market accident that put financial stability at risk.
In recent years, Eurozone governments borrowing more and more seemed to matter less and less as falling interest rates made high and rising debt levels less burdensome.
The increasingly hawkish US Fed has triggered a “reverse currency war” as central banks tighten their stance more than would otherwise be necessary if inflationary pressures were less universal.