As of now we know one thing of the Eurozone: the south (and more and more countries like Germany also) need negative yields to monetize their exploding debt. So today's talk of a minimum Terminal Rate of 3.5% is more than telling. It's a kind of capitulation and a signal that capital soon willbe searching real interest rates in a growth-friendly environment. This will be in my opinion the US that is working on establishing real rates again and with SOFR will be able to have a regionalized cspital market. Hard to counter this from european point of view if not impossible.