In 1960, financial services accounted for about 3-1/2 percent of U.S. gross domestic product. By 2006, that percentage had more than doubled. Securitized products are one important area of product and market innovation. Of the $ trillion in net borrowing in U.S. credit markets in 2006, $ billion, or nearly one-fourth, was securitized.
In November last year, I was pleased to welcome Governor Dakić and Vice Governors Fabris and Milošević to Frankfurt for the second high-level policy dialogue between our respective institutions. The ECB conducts such dialogues with all the central banks of those countries which are negotiating to join the EU.