If we fail to follow this logic, things will get problematic. The third is about environment. Corporate debts need an appropriate eco-environment, which includes institutional set-up, such as good laws and regulations (that provide clear legal definition), an improved accounting system (that provides all the necessary information to investors without misleading them), regulation of information disclosure, and improved bankruptcy law, etc.
This represents an increase in the share of the euro in the stock of international bonds from around 20% in 1999 to more than 30% in 2003, while the share of dollar-denominated bonds has remained stable at around 45%. A significant share of euro-denominated securities have been targeted at, and purchased by, euro area investors.