Yes, and Pan-European means there are 30 countries which can be isolated for inefficiencies. Outside of the European Union with its one central bank distorting

Yes, and Pan-European means there are 30 countries which can be isolated for inefficiencies. Outside of the European Union with its one central bank distorting things very publicly, there is the Swiss National Bank distorting similarly and steeper with much less publicity, there is an even steeper negative yield in Sweden, Denmark and more. The "average" is a sideshow when there is so much opportunity if you know where to look.