Euro government bonds: The shape of things to come

When politicians from the so-called Club Med countries of southern Europe say they intend to qualify in time for the first round of the EU’s economic and monetary union (Emu) ­ due to start, as the Bank of England has taken to saying, in just 550 business days’ time ­ it’s time for the financial markets to sit up and take notice. That they have done so seems clear from recent movements in bond market indices and the growing demand for advice and information on the likely shape of new markets.