The immediate conversion of government issues into euro and the large degree of harmonisation in market conventions have played a major part in the market becoming more homogeneous. For a variety of reasons, the emergence of a completely uniform European bond market will scarcely be possible.
Despite a greater degree of coordination, the fiscal, economic and social policies of the participating countries will, for the present, remain a national responsibility. That is likewise true of government debt management with its significant repercussions for the capital markets.