*  *  Introduction  Ladies and gentlemen, I would like to thank the organisers of Euromoney Conferences for inviting me to speak to you today on the occasion of the Third euro fixed income forum.
I am impressed by the wide range of topics that you will deal with in the course of this event, addressing developments in financial markets and financial infrastructures as well as EU policy issues. The conference also addresses in a comprehensive manner past and future developments and geographical comparisons between the euro area market and the US market.