The impact of the crisis on the sovereign bond markets in the euro area  Let me now turn to the second issue, namely the impact of the crisis on the sovereign bond markets in the euro area. This has been significant but heterogeneous, as demonstrated by diverging yield spreads. Moreover, it has varied over time reflecting the effects of different factors.
The major phases in the movements in intra-euro area government bond yield differentials since the outbreak of the crisis are broadly familiar.