VI The most impressive progress, in terms of integration, has been witnessed in the euro-area bond markets. Yield differences among the government bonds of the different participants have narrowed from more than five percentage points before EMU to some 30 basis points now. The remaining spread is mainly due to the varying liquidity of the paper issued.
We want to hear views on how we can best achieve this. The third strand is Availability and Choice. Effective market functioning requires consumers to have access to clear and unbiased information in relation to products and services. Clear disclosure of product features, risk and price, allows consumers to select the provider and product that can best serve their needs, promoting competition amongst firms.