In this connection, I would like to point to the fact that, on an average of the years 1991 to 1999, 60.5% of non-financial corporations’ asset accumulation in Germany was financed from depreciations and retained earnings. During the same period, the share of internal funding in gross capital formation averaged 78.2%.
Although I am against overstressing the influence of the euro, I nevertheless would like to show now that the new currency has contributed to the expected developments in the money, equity and bond markets. As expected, also the competition in the banking industry has intensified. Contrary to the expectations was, however, the performance of the euro on the foreign exchange markets.