Note, in particular, that the convergence of unsecured interbank interest rates on all maturities was strong until 2007. Convergence was also strong and rapid in the sovereign debt markets. Slide 3 shows that after the launch of the euro, markets virtually priced the debt of different Member States as identical.
Global financial markets and the world economy  I would like to start with developments in global financial markets and the world economy. As you know, the turmoil in global financial markets since the summer of 2007 was caused by declines in the prices of securitized products backed by subprime mortgages.