At the same time, the yield curve has become flat -- i.e. the difference between long- and short-term interest rates has become very small -- and exchange rate developments in the euro area have partially neutralised the favourable interest rate trends.
Tegelijkertijd is de rendementscurve vlak geworden - d.w.z. het verschil tussen de lange en de korte rente is zeer klein geworden - en hebben de wisselkoersontwikkelingen in de euro-zone de gunstige renteontwikkelingen deels geneutraliseerd.
