The total value of shares traded increased from R63 billion in 1995 to R117 billion in 1996, R207 billion in 1997 and R319 billion in 1998. The increase in total turnover in the secondary market for bonds was equally spectacular.
In that sense, it is clear that monetary policy in the euro area is helped by further steps to move to a more complete economic and monetary union. And speaking about European institutions: imagine what maps Sir Francis Drake, Vasco da Gama and Columbus could have drawn when we would have cooperated.