The article examines how financial integration in the euro area has changed since 2007, focusing on the sovereign debt market. By analyzing yield differentials, the researchers found that country-specific factors play a significant role in bond market segmentation during crises. They also discovered that banks in peripheral countries increase their exposure to domestic sovereign debt when country risk rises, while banks in core countries do not. Additionally, all banks tend to increase their home bias in portfolios when systemic risk rises, leading to more segmentation in the euro-area sovereign market.