Finally, the quantity-based measure of euro area equity market integration also indicates a rising degree of integration in the equity markets. Between 1997 and 2005 euro area residents doubled their holdings of equity issued in another euro area country to reach nearly 30%.
As the beautiful words written in front of the Bulgaria’s National Assembly remind us – “There is strength in numbers”. At the ECB, we stand ready to preserve and reinforce our dialogue with the Bulgarian National Bank, a dialogue that has proven very fruitful in the past. I am confident that our excellent working relationships will continue to serve both our institutions well.