Thus, thanks to the TARGET system, money markets are now close to perfect integration, given that the spreads amongst euro area countries are extremely low and reflect different credit standings of counterparties rather than market segmentation.
In clearing, settlement and trading systems for securities, integration is not quite as complete as in money markets, but a process is under way to create a euro area-wide financial infrastructure by linking existing national systems. In government bond markets, segmentation may not be eliminated completely since, as you know, each Member State remains responsible for its own fiscal and public debt management policy.