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Anyone tempted to take the Maastricht treaty at face value as a guide to what might happen to bond markets in Euroland is being extremely gullible. The treaty was not written by people possessing a great deal of understanding or sympathy for financial markets. Many ends were left untied. Some of those omissions will be put right in secondary legislation, perhaps to be drafted in consultation with financial market participants. More on the working of Euroland debt markets will be gleaned from the monetary management blueprints that the European Monetary Institute (EMI) will offer before the end of this year. |
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