In terms of the Neuer Markt, Germany has the top position among European growth markets – even if some investors may have overlooked the fact that this is a market for risk capital. In addition, the market for corporate bonds is on the advance. Alongside the introduction of the euro itself, a major driving force has been the continuing restructuring of the corporate landscape.
In the years leading up to the mid-1990s, provincial and federal governments in Canada ran large budget deficits. These deficits built up as governments continued to borrow, primarily to finance current consumption. It was an unsustainable situation, made more serious by our aging population. Clearly, social spending had to be put on a viable long-term course.