An indication of how liquidity in the US market is greater than that in euro area.
Battle over government bonds heats up: "However, the rub is that these bizarre restrictions reflect an even more bizarre political paradox. When the single currency was launched in 1999, European governments hoped this would create a single capital market. However, member states have continued to issue their own bonds. As a result, there are now some 600-odd euro government bonds currently listed on MTS in a dizzyingly fragmented patchwork.
One consequence of this is that small European governments are terrified the market will ignore their bonds, if it was ever left to its own devices. After all, one reason why the US market has liquidity, even without market makers, is that most activity is centred on half a dozen traded Treasury issues, called “on the run”. "
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