The recent calm in bond markets of the most indebted euro zone nations could quickly flip to turmoil in 2024 if investors already nervous about debt sustainability and high interest rates are spooked by more rigid post-pandemic budget rules. Analysts believe Germany's budget crisis will mean tougher fiscal policy in the largest euro zone economy in 2024, which could add to pressure on less wealthy members of the bloc to keep a tighter grip on their finances. That could reverse a trend that has seen the premium investors demand to buy bonds of euro zone governments over benchmark Germany shrink more this year for indebted economies like Italy than it has for the "core" of wealthier countries.