Interest rates are going to be – in fact they already are – the main players this year in the markets. The question is how far they can go before they start to weigh on the economy. The logic is impeccable. In a world in which, as a consequence of the measures that have had to be adopted in this crisis, we come out with the backpack of public debt about to explode, How much margin is there to increase interest rates? The answer is not obvious. Obviously the lower the better for the public coffers but that does not mean that they have to be maintained at current levels that are aberrantly low.
The curves of