The aim of the article is to understand how the introduction of the euro changed the environment for government debt managers and therefore altered government debt management strategies. The argument of the article is that the common currency has led to the institutionalization of a transnational field. In this new European field, the strategies of its members are a treatment of both the common shared rules and the mutual awareness of each other and their role in the field. In times of stability, the European field pushed the competition among government debt managers and therefore resulted in converging tendencies in government debt management approaches without overcoming all differences. Contrary to this, during the crisis and therefore in times of an unstable environment, government debt management approaches became more divergent and more hierarchic.
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