Following the complete liberalisation of Italian short-term capital movements, in the spring of 1990 the Eurolira market also began to expand rapidly. It is now larger than the corresponding markets for the Swiss franc, the French franc and the pound sterling (Table 7).
At the end of the second quarter of 1996 the stock of Eurolire amounted to 340 trillion lire, or 30 per cent of the Italian money stock. London accounts for a major part of this market.