The chart above shows the ten-year interest rate in each EU state as of June 2021, the change from the previous month, and the rate one year prior. Four states have a negative interest rate (same as 4 last month and down from 8 last year).
Findings
- The difference (spread) between the state with the lowest long-term interest rate, Luxembourg, and the state with the highest, Romania, is 3.44 percentage points (up from 3.34 last month and down from 4.32 last year). Luxembourg had the lowest rate last month and Germany had the lowest rate last year. Romania had the highest rate last month and last year.
- The median long-term interest rate in the 28 EU states is 0.17 (down from 0.22 the previous month and down from 0.20 last year) and the mean 0.53 (down from 0.58 the previous month and same as 0.53 last year).
- Of the 28 states, 3 saw no change in the long-term interest rate from the previous month, 23 saw the rate decrease, and 2 saw the rate increase.
- Of the 28 states, 0 saw no change in the long-term interest rate from last year, 13 saw the rate decrease, and 15 saw the rate increase.
Caveats
- Data is from June 2020, May 2021, and June 2021.
- All figures are rounded to the nearest hundredth.
Details
Greece and Cyprus saw the rate drop the most over the previous month dropping 0.18 percentage points. On the flip side, Latvia saw the rate rise the most gaining 0.20 percentage points. Year over year, Romania saw the rate drop the most with a 0.78 percentage point drop while Czechia saw the rate rise the most gaining 0.81 percentage points.
Cyprus (from 21st lowest rate to 16th lowest rate) rose 5 spots over the course of the month. Conversely, Latvia (from 4th to 10th) fell 6 spots.
Over the course of the year, Bulgaria (from 19th to 10th) rose 9 spots. On the flip side, Sweden (from 9th to 16th) and the United Kingdom (from 15th to 22nd) fell 7 spots.
For reference, the United States' ten-year note was 0.72% in June 2020, 1.61% in May 2021, and 1.51% in June 2021, meaning that Czechia, Poland, Hungary, and Romania have higher rates than the US. Japan's ten-year rate was 0.02% in June 2020, 0.08% in May 2021, and 0.06% in June 2021 being bested by Luxembourg, Germany, and the Netherlands.
Data
| State | June 2020 | May 2021 | June 2021 |
|---|---|---|---|
| Austria | -0.13 | 0.08 | 0.02 |
| Belgium | -0.04 | 0.18 | 0.12 |
| Bulgaria | 0.68 | 0.14 | 0.14 |
| Croatia | 0.96 | 0.5 | 0.49 |
| Cyprus | 1.05 | 0.54 | 0.36 |
| Czechia | 0.86 | 1.74 | 1.67 |
| Denmark | -0.26 | 0.11 | 0.11 |
| Estonia | 0.14 | 0.16 | 0.13 |
| Finland | -0.18 | 0.05 | -0.02 |
| France | -0.04 | 0.21 | 0.15 |
| Germany | -0.43 | -0.22 | -0.29 |
| Greece | 1.32 | 0.99 | 0.81 |
| Hungary | 2.18 | 2.94 | 2.85 |
| Ireland | 0.08 | 0.24 | 0.18 |
| Italy | 1.46 | 0.98 | 0.88 |
| Latvia | 0.01 | -0.06 | 0.14 |
| Lithuania | 0.17 | 0.16 | 0.16 |
| Luxembourg | -0.34 | -0.31 | -0.33 |
| Malta | 0.76 | 0.53 | 0.5 |
| Netherlands | -0.29 | -0.19 | -0.24 |
| Poland | 1.31 | 1.82 | 1.78 |
| Portugal | 0.53 | 0.53 | 0.43 |
| Romania | 3.89 | 3.03 | 3.11 |
| Slovakia | 0.04 | 0.07 | 0.03 |
| Slovenia | 0.42 | 0.21 | 0.15 |
| Spain | 0.51 | 0.52 | 0.45 |
| Sweden | 0.01 | 0.42 | 0.36 |
| United Kingdom | 0.23 | 0.82 | 0.76 |
Sources
Eurostat. 2021. "EMU Convergence Criterion Series - Monthly Data." Accessed August 6, 2021. https://appsso.eurostat.ec.europa.eu/nui/show.do?query=BOOKMARK_DS-055774_QID_55FEB9BC_UID_-3F171EB0&layout=TIME,C,X,0;GEO,L,Y,0;INT_RT,L,Z,0;INDICATORS,C,Z,1;&zSelection=DS-055774INDICATORS,OBS_FLAG;DS-055774INT_RT,MCBY;&rankName1=INDICATORS_1_2_-1_2&rankName2=INT-RT_1_2_-1_2&rankName3=TIME_1_0_0_0&rankName4=GEO_1_2_0_1&sortC=ASC_-1_FIRST&rStp=&cStp=&rDCh=&cDCh=&rDM=true&cDM=true&footnes=false&empty=false&wai=false&time_mode=NONE&time_most_recent=false&lang=EN&cfo=%23%23%23%2C%23%23%23.%23%23%23.
Eurostat. 2021. "Government Bond Yields, Ten Years' Maturity - Monthly Data." Accessed August 6, 2021. https://appsso.eurostat.ec.europa.eu/nui/show.do?query=BOOKMARK_DS-054880_QID_-187DBD2E_UID_-3F171EB0&layout=TIME,C,X,0;GEO,L,Y,0;MATURITY,L,Z,0;INDICATORS,C,Z,1;&zSelection=DS-054880INDICATORS,OBS_FLAG;DS-054880MATURITY,Y10;&rankName1=MATURITY_1_2_-1_2&rankName2=INDICATORS_1_2_-1_2&rankName3=TIME_1_0_0_0&rankName4=GEO_1_2_0_1&sortC=ASC_-1_FIRST&rStp=&cStp=&rDCh=&cDCh=&rDM=true&cDM=true&footnes=false&empty=false&wai=false&time_mode=NONE&time_most_recent=false&lang=EN&cfo=%23%23%23%2C%23%23%23.%23%23%23.