Thereafter, I would like to describe some changes in the repo market and the ongoing trend towards clearing via central counterparties, followed by a discussion of developments in the market for covered assets. Before I summarise, I will cover the sovereign bond market. 2.
Money market conditions before and since the financial crisis  Up until 2007, the euro interbank money markets were characterised by small counterparty risk premia and highly liquid markets. Risk aversion was low, and there was significant trust in, and among, banks.