The outcome clearly reflects the respect of all countries involved for the Pact, and underlines the credibility of the macro-economic policy framework in general. Thus, the Euro has offered a stable environment both to governments and business. Finally, the Euro has already made a spectacular impact on financial markets in Europe.
These have become broader and deeper, with a sharp rise in both the volume of capital issues and the spread of credit quality. Compared to 1998, total international bond issuance in Euros have more than doubled, and now compares well with the level of dollar-bonds.