2  BIS central bankers’ speeches    Fourth, financial markets and rating agencies failed to differentiate sufficiently between euro area countries with different risks, contributing to the significant compression of risk premia in the sovereign debt securities markets. Ten-year government bonds were almost equally priced across all euro area countries between 2001 and 2007, while economic fundamentals continued to be very different.
This is also what is wished by citizens, since the very recent Eurobarometer survey of 26 September shows that there are still important gaps between expectations and the reality of the single market: information gaps affecting citizens and authorities, gaps in the implementation of European policy, and gaps in the European legislative framework.