Despite some variability from country to country, the euro area ’ s stock market capitalisation of nearly 70% is still well below that of the US and the UK (2004). The UK’s stock market capitalisation was more than 127% of its national GDP in 2004. The corresponding figure for the US stock markets was nearly 140% of GDP in 2004.
But the importance of capital markets in the euro area is growing continuously. For comparison: euro area stock market capitalisation in relation to GDP was 19% on average in 1990-94. It grew to 50% in 2000-2004 (US: 1990-94: 69%, 2000-2004: 132%).