The paper provides an analysis of the euro area money and bond markets and their infrastructure since the introduction of the euro. Significant development in terms of integration took place in both markets in general to a various degree for the different segments. However, there remain room for...

A question of survival -- Defective design -- Fragile strength -- Greeks bearing debts -- Bad banks -- Hotel California: the existential crisis -- Defender of last resort -- Sovereign remedies -- Debtors' prison