The integration of euro area government bond markets means that yields converge across countries to the extent that the underlying bonds have identical risk-return characteristics. A government bond of a country with a very poor fiscal policy is riskier than a government bond of a country with a sound fiscal position.
Following Bulgaria’s entry into the EU on 1 January 2007, the integration of the Bulgarian National Bank into the European System of Central Banks has been smooth, and the work carried out by the Bulgarian National Bank members in the respective ESCB committees has been noticeable, delivering high quality standards.