• 1. Introduction
  • 2. Market functioning: the basic concepts
  • 3.Developments driving changes in market functioning
  • The introduction of the euro
  • Electronic trading
  • Constellation and behaviour of market participants
  • Shifts in supply
  • 4. Implications for market liquidity
  • How has liquidity been shifting?
  • What determines market liquidity in normal times?
  • How does market liquidity behave under stress?
  • 5. Implications for asset pricing
  • What can prices tell us about market integration and segmentation?
  • How well do various yield curves reflect macroeconomic expectations?
  • Which markets are best informed about credit risk?
  • 6. Implications for central bank policies
  • Market liquidity
  • The transmission mechanism
  • Information from and to markets
  • Domestic operations
  • External operations
  • References
  • List of paper contributions
  • List of meeting participants