Via the FT:
A closely watched gauge of stress in the eurozone’s financial system has climbed to its highest level since 2012, a sign that the coronavirus crisis has pushed up borrowing costs for banks in the currency bloc.
Analysts said the rise in Euribor — a measure of the interest rates that euro area banks pay to borrow from one another — is a worrying sign of “fragmentation” of the region’s money markets, with the European Central Bank’s efforts to hold borrowing costs at rock bottom failing to reach every corner of the financial system.
