This page focuses on the European Central Bank (ECB). The left-hand chart looks at the evolution of the policy deposit rate, including market expectations for how this will change going forward based on the euro OIS forward curve. The right-hand chart looks at the spread between 10-year government bond yields in Italy, Spain and France, relative to 10-year German government bond yields. ECB policy has played a big role in driving down European government bond spreads in recent years.