Bond markets and long-term interest rates in European Union accession countries, October 2003

The European Central Bank (ECB) published the second edition of a report entitled 'Bond markets and long-term interest rates in European Union accession countries' in October 2003. This update presents the results of a recent survey, which was designed jointly by the ECB and the European Commission (Eurostat) and carried out with the help of the national central banks of the accession countries. The report provides an overview of how accession country capital markets are structured, particularly in relation to the bond markets and interest rates. The convergence of long-term interest rate levels, as measured by the yield on government bonds or comparable securities, is one of the 'convergence criteria' for the EMU, as laid down in Article 121 of the Treaty establishing the European Community.