The second observation is that the euro can be expected to have a significant influence on the structure of the financial system by bringing about more securitisation. A traditional feature of the financial system of continental Europe has been a marked dependency on the funds intermediated by banks. This feature contrasts with the financial system of the United States, which is much more securitised.
For instance, corporate bonds have not been very widely issued in the euro area, and stock market capitalisation – relative to the size of the economy – is much lower in the euro area than in the United States.