Whilst the levels of monthly issues differ across groups (reflecting the fairly recent recourse by  BIS Review 60/2002  1  nonfinancial corporations in Europe to short-term securities markets in contrast to banks’ use of the CD market to raise funds), there is no doubt that the advent of the euro has contributed to a marked change.
Bond markets, both government and corporate, remain even less integrated. In the former case, yields have converged significantly, with remaining differences reflecting either credit risk or liquidity risk. In particular, smaller countries often have difficulties in generating deep markets across the whole maturity spectrum. One solution that has been proposed is greater coordination of debt issues.