The article examines how stress in the interbank money market affected credit markets in the US and Euro area after the 2007-2008 financial crisis. The researchers looked at indicators of money market stress in 2010 and early 2011 to predict how changes in interest rates would impact credit market rates, especially in the Euro area. They found that high inflation pressures led to an expected increase in the ECB key interest rate in 2011, causing heavily indebted Euro area countries to issue high-yield bonds to raise funds.