On the other hand, the purpose of the Convention’s draft Constitutional Treaty, which is being discussed by the Intergovernmental Conference, is to replace and modify the content of the existing treaties. The Constitutional Treaty seeks to establish more efficient structures. The whole decision-making process is intended to become more transparent and comprehensible.
The euro government bond market has also achieved a high level of integration with a large degree of convergence in yield spreads. Government bond yields in the Member States are now largely driven by euro-wide factors with marginal differences related to perceived credit risk.