France-Germany spread

What it is. The gap between the rate at which France borrows over 10 years and that of Germany, seen as the safest country in the euro area.

Why it matters. The wider the gap, the riskier investors judge lending to France. Since 2004, it has stayed below 50 points 7 days out of 10; its record, 214 points, dates from 17 November 2011.

How to read the chart. The gap is given in basis points: 100 points equal 1%. At 150, France pays 1.5% more than Germany every year to borrow. In Spread view, coloured backgrounds show the risk thresholds; the Yields button shows the two rates themselves, in %, without thresholds.

Who measures it, and when. The Banque de France for the French rate and the Bundesbank for the German rate, every day at market close since 2004; collected every morning.