Similarly, direct debt securities account for 81% of GDP in the euro area. The corresponding proportion in the United States is 168%. This means that market-based financing plays a  2  BIS Review 51/2009  much smaller role in the euro area and is only half as relevant as in the United States.
Therefore, I was very happy to hear, yesterday, the Minister of the Interior presenting a new housing agenda. This agenda is meant as an accelerator to ensure the construction of 75,000 new houses each year until 2025.