Fourthly, an increase in global demand for euro-denominated debt securities can be expected, as the euro becomes an even more important reserve currency than it already is. Moreover, the demand for higher risk euro-denominated debt securities is likely to increase, particularly as the current low level of sovereign yields increases incentives to search for higher yields.
A factor that is not related to the integrated market but is nonetheless important for the future evolution of the capital markets is the pattern of demographic trends in most euro area countries. The euro area population is ageing, and this means that we have to save in order to be able to take care of future pension payments.