The declines in inflation rates, in the volatility of inflation, and in surveys of long-term inflation expectations all point to a reduction in the compensation required by investors for the effects of future inflation on the returns to holding long-term bonds.
It is no coincidence that in the areas where such common infrastructure is missing, then integration is less well developed. The repo market, which is still hampered by a multitude of securities clearing and settlement systems, gives a still unfortunate example of that phenomenon.