BIS Review 39/1998  ˝  -4-  However, a gigantic step is now being taken with the introduction of a single currency in a large part of the global financial market.
The fragmentation into many national capital markets, a phenomenon which is particularly apparent in the case of the bond markets and which has arisen as a result of the existence of different currencies (and therefore of different interest rates), will be a thing of the past. The national markets in Europe will compete with each other more intensively than they do now.