期刊名称：Euro Area Balance of Payments and International Investment Position Statistics
印刷版ISSN：1830-3420
电子版ISSN：1830-3439
出版年度：2005
出版社：European Central Bank
摘要：Government debt management in the euro area is evolving rapidly. The introduction of the euro in 1999 had a major impact on the operations of debt managers as the disappearance of exchange rate risks within the euro area created the conditions for a pan- European capital market. As a result, debt managers have become direct competitors in the European capital market. The decrease in government deficit and debt ratios in the run-up to Economic and Monetary Union (EMU), resulting in a reduction in supply of government debt instruments, and the rapid expansion of electronic trading systems are other developments which have affected the environment in which debt managers operate.
