Since the start of Stage Three of EMU, the stock of euro-denominated debt securities issued by noneuro area residents has risen by around EUR 800 billion.
This represents an increase in the share of the euro in the stock of international bonds from around 20% in 1999 to more than 30% in 2003, while the share of dollar-denominated bonds has remained stable at around 45%. A significant share of euro-denominated securities have been targeted at, and purchased by, euro area investors.