But the importance of capital markets in the euro area is growing continuously. For comparison: euro area stock market capitalisation in relation to GDP was 19% on average in 1990-94. It grew to 50% in 2000-2004 (US: 1990-94: 69%, 2000-2004: 132%).
Accordingly, there is a significant trend in Europe towards financial systems that are more capitalmarket-based, but the disintermediation effects of this gradual shift towards a greater capital market orientation have not been as strong in Europe as they have been in the US.