In the euro area securitization has developed later than in the United States and the United Kingdom, accelerating only in the more recent years.
Between 2000 and 2005 the annual flow of securitized loans has increased from 0.6 to 2.0 per cent of GDP; in the same period it has risen from 2.1 to 8.2 per cent in the United Kingdom and from 4.9 to 14.0 per cent in the United States (Fig. 3). Fig.