A single European auction system procedure (Auction System1) would be preferable from a market perspective. A single Auction System indeed would eliminate the need for market participants to adapt their trading each time they approach a different sovereign’s debt.
Subsequently, a single Auction System would lead to savings in resources, effort and time for purposes of placing Government debt. At the same time, the Primary Dealers (PDs) acknowledge sovereign issuers’ need for autonomy. Debt may be issued for a variety of reasons and sovereigns must be able to exercise independent judgement with regard to their
issuance and must have discretion with regard to the approach they employ. Therefore, the PDs realise that a single Auction System may not be an option in Europe at the present state of evolution of the relationship among Member States.[...]