*  *  *  My remarks will focus on reflections related to the integration process that the European bond markets has experienced in the post-EMU era. In particular, I will highlight the successful evolution of European government bond markets following the introduction of the common currency.
Second, the identification of underlying trends in money used to assess risks to price stability. 4  BIS Review 97/2010  Money demand models, for example, have been improved to restore our ability to explain monetary developments in a coherent, statistically stable money demand framework – and therefore to have a better understanding of the causes of monetary growth.