Capital markets represent a fundamental element of the financial system of any modern economy and they play an important role in the allocation of capital within the economy. Therefore public authorities responsible for economic policy as well as private sector agents who are active in the capital markets have a vested interest in capital markets that are both efficient and stable.
Today, I would first like to discuss the role of the capital markets and the advantages of possessing deep and liquid capital markets. Secondly, I will turn my attention to the effects on capital markets that we have already seen since the introduction of the euro, and the process of further integration in capital markets that is expected to continue in the future.