Equities The capitalization of the Italian stock market rose from 18% of GDP in 1994 to 50% in 1999, as against 75% in France and 56% in Germany. The gap compared with the United Kingdom and the United States is very large. At the end of 1998 there were 223 listed companies in Italy, the same number as in 1994.
See Board of Governors of the Federal Reserve System (2019), “Statement Regarding Monetary Policy Implementation and Balance Sheet Normalization”, 30 January; and Zobel, P. (2022), “The Ample Reserves Framework and Balance Sheet Reduction: Perspective from the Open Market Desk”, remarks at the Cato Institute’s 40th Annual Monetary Conference, 8 September. 18.