Spain and France are two current examples here. I would now like to comment on two questions: •  What were the most important changes in the Pfandbrief environment caused by the introduction of the euro? What is the shape of the “new” European capital market in which the Pfandbrief has to stand up to competition?
•  And what are the global perspectives of the Pfandbrief market, the subject of today’s conference? 1  BIS Review 101/1999  2. euro?