EMU leads to bond-market convergence
Economic and monetary union in Europe has led to substantial convergence in euro-area sovereign bond markets, according to research published by the San Francisco Federal Reserve.
The research uses high-frequency bond-yield data for France, Germany, Italy and Spain to show that differences between interest rate levels, unconditional daily fluctuations and conditional responses to major macroeconomic data announcements have lessened since economic and monetary union began.
The results also
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