Besides the more general macroeconomic developments I recalled at the beginning of this talk, this desirable trend is also due to two more specific developments: first, the more comprehensive debt stock treatment of low income countries; and second, a graduation from rescheduling of most middle-income countries as a result of the implementation of economic reforms that have increased their access to market financing and thus private creditors.
It is therefore crucial that - in addition to the self-regulation of the markets, which will lead to a further consolidation of the stock market landscape in Europe - the action plan adopted by the European Council to implement the internal market for financial services by 2002 is also rigorously applied. III.