In the euro area, the total financial resources collected by the private sector (bank credit, bonds issued domestically and stock market capitalization) rose from 160 per cent of GDP in 1996 to 240 per cent in 2007, before slipping to 230 per cent in 2011.
2  BIS central bankers’ speeches  There is a benefit to this, as this could provide some counterbalance to the potential decline in global liquidity and increase in interest rates resulting from tighter monetary policy in the US moving forward. On balance, these contrasting prospects underpin the risk of capital flow volatility and financial market turbulence.