It is perhaps noteworthy that this realization has helped engender a downsizing of public ownership of commercial banks in Europe, coupled with rapid development of heretofore modest capital markets, changes which appear to be moving continental Europe’s financial system closer to the structure evident in Britain and the United States.
BIS central bankers’ speeches  1  Significant adjustment in external accounts (green) The external rebalancing of the Portuguese economy is remarkable, having been quicker and stronger than in the two previous programmes, when the foreign exchange rate was used as an adjustment instrument.