Starting from this situation, many commentators have correctly observed that the euro area is currently engaged in a process of structural change towards more market-based finance. As Alan Greenspan put it, recent “changes appear to be moving continental Europe’s financial system closer to the structure evident in Great Britain and the United States”.
With regard to debt securities, outstanding amounts in euro-denominated instruments increased in all issuing sectors in 1999. However, the increase was more pronounced in the private than in the public sector.