The corrective action was not forthcoming, however. According to some authors, this was in large part because of the influence of Benjamin Strong, long-time Governor of the Federal Reserve Bank of New York and America’s pre-eminent central banker of that era.
There is significant evidence that euro area corporations are taking advantage of the possibility to raise funds from the full range of euro area investors. The euro corporate bond market has grown significantly since 1999, and could grow even further, to judge by a comparison with the US.