Fabio Panetta spoke in Turin and described recent debt market moves as global, with the United States at the epicenter. He said growth and inflation in the United States have exceeded expectations, while growth in Europe is weaker. He warned that the recent rise in bond yields will act as a brake on the euro-area economy and said, "This is not a crisis, but it is a drag on growth." He added, "The problem is that in the US, higher interest rates are accompanied by stronger growth, while growth in Europe is less robust.
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