The crisis caused severe dysfunctionalities in several financial markets and had adverse effects on development and integration in certain market segments. The issuance and trading in the most complex variants of asset-backed securities – like the CDOs – came virtually to a halt after the crisis broke out and the markets for such products have yet to revive.
Even the interbank money market – the most highly integrated one in the euro area – showed signs of segmentation after August 2007, which intensified in September 2008.