EMU has contributed positively to this development, and the single currency has been facilitating the standardization of debt instruments and has been driving a continued reduction in transaction costs. Progress in the harmonization of market standards, practices and conventions across the euro area is reflected in the increased market liquidity, the broader maturity spectrum and the development and spread of new financial products.
… Let me now turn to the stock market where we have observed an increase in new listings: in the course of 1999 close to 900 companies were newly listed on stock exchanges in the euro area, which represented an increase of some 40% compared with 1998.