Back in January 1998, one year before the start of Monetary Union, this deviation stood at more than 130 basis points for overnight rates, at over 100 basis points for one-month maturities, and at around 50 basis points for 12-month rates. Yet since January 1999, these differences have rarely exceeded 1 basis point.
There is significant evidence that euro area corporations are taking advantage of the possibility to raise funds from the full range of euro area investors. The euro corporate bond market has grown significantly since 1999, and could grow even further, to judge by a comparison with the US.