The integration of stock markets at the euro area level means that issuers across the euro area have privileged access to a large number of investors in a large and open market place. This has paved the way for new firms and relatively small firms to obtain finance from stock markets that have specialised in providing funds to young and innovative firms.
We have seen an astonishingly large number of new listings in recent years. Oversight of financial markets and recent institutional and regulatory developments Let me now turn to the issue of the oversight of financial markets and recent institutional and regulatory developments. The internationalisation of markets is posing new challenges for supervision.