The establishment of the European Union is, of course, the best example in this regard. This regional arrangement has created the largest government bond market in the world and led to the development of the euro into a major international currency. Another important structural change in the world’s financial market has been the achievement of greater price stability.
Over the past twenty years the rate of inflation has declined dramatically in most countries of the world. The disinflation process was at first mainly concentrated in the industrialised countries.