In the previous sub-section we have described the evolution of yields and interest rate spreads in 2002 using weekly data. If the information revealed by policy events is processed efficiently in capital markets, it may nevertheless be necessary to look at higher frequencies to detect any impact of fiscal policy events. In this section we therefore focus more carefully on specific events using daily data. As an illustration, we select two periods for a closer look. Event 1 is the episode leading to the ECOFIN decision to not issue an early warning against Portugal and Germany on 12 February, and event 2 is the remark.