ECMI Commentary 2, December 2005: Charles Gottlieb argues that the emergence of EMU prompted most European countries to modify their legislation governing capital markets, which aimed at laying down a strong basis for financial innovation and disintermediation. In the wake of these reforms, the adoption of Basel II’s capital adequacy requirements will further boost bond markets. In this light, the European covered bond market will benefit most from these developments in the near future, and continue its impressive issuance growth.

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