This circumstance has led to declining transactions costs, as bid-ask spreads have narrowed, and increased diversity, as new types of issuers participated in the market. The integration of the euro area bond market, and the associated reduction of borrowing costs in euro, have meant that the euro has been playing an increasingly significant role as a financing currency.
in the international debt securities market, recent data indicate that the share in outstanding amounts of euro-denominated instruments issued by non-residents totals 29%, compared with 44% for the US dollar and 13% for the Japanese yen. In contrast to borrowers, investors are interested in income prospects and they demand high efficiency and liquidity of the financial markets in which they invest.