Household and government sector debt has risen significantly as a share of GDP since 1990. A reasonably sharp deleveraging in household debt has been observed in the US since the GFC, followed by modest deleveraging in the UK and Germany, but this appears to be an exception to the general pattern observed for advanced economies where debt-toGDP has been broadly flat (figure 4).
•  Assess, from the point of view of market actors, the overall prospects for greater integration of the domestic and regional securities markets.