See White (1998), p 21, and Hurst, C, E Perée and M Fischbach (1999), p 99. See Deutsche Bundesbank (2000a), p 45, and Deutsche Bundesbank (2000c), forthcoming. ECB (1999a), table 6.1, and Danthine, J-P, F Giavazzi and E-L v Thadden (2000), table 5.1, provide European data, albeit only for time periods prior to EMU. Source: Capital Data.
Last year’s decline in France, Germany and Italy was 2, 17, and 15 basis points, respectively, on $ issues, which now average about 0.2 per cent of the issue volume and was less pronounced for issues in euro.