E-Commerce

European Corporate Bond Market Integration: Lessons From EMU

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Executive Summary

The scope of this paper is to point out the features of European corporate bond market, in particular its development since the euro introduction. The authors structured the paper on chapters that present its economic importance, the implications of the common currency in respect to its growth and the level of integration in the present context. This market, including the debt securities issued by non-financial corporations, non-monetary financial corporations and monetary financial institutions, is economically important, as it contributes to the allocation of funds to their most profitable uses. Its rapid growth since the introduction of the euro can be explained by developments in economic activity, the costs of issuance and mergers &acquisitions-related activity.

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