ECMI Commentary 3, January 2006: Charles Gottlieb argues in this commentary that the mopping up of excess liquidity induced by monetary tightening should push investors to more carefully discriminate their investment choices as they adapt to a macroeconomic environment of higher interest rates. Consequently, yields will probably widen over 2006 and become more responsive to credit risk in the corporate sector and to fiscal profligacy on the part of EU governments.

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