Moreover, research such as that presented by Alain de Serres, Shuji Kobayakawa, Torsten Sløk and Laura Vartia underlines the fact that financial system regulation (concerning both banking and securities markets) has a statistically significant influence on output and productivity growth – provided that this regulation allows for stronger competition in financial markets.
But the euro is still a young currency: according to the BIS, by end of June 2000 stocks of all bonds and notes amounted to: •  $ 2,615.6 bn denominated in $  •  compared with $ 1,616.0 bn denominated in euro;  •  which means a share of the $ of 47.7% compared to a share of the euro of 29.7%.