摘要：This paper analyses recent key developments in euro-area government bond
markets and their main implications for central banks and for market functioning. The
introduction of the euro is found to have significantly affected the relative pricing of
securities. The spreads over German bonds of previously high-yield debt have narrowed
significantly whereas the spreads of all other euro-area sovereign debt have widened
following the introduction of the euro. Market microstructure factors, such as relative market
liquidity and the cheapest-to-deliver status of bonds, are also found to play a part in
determining relative prices in addition to differences in credit risk. Finally, the evidence
suggests that the reduction in the relative supply of government bonds has hitherto had a
limited effect in the euro area, in contrast to the evidence in the US market.
