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18

UK 106 18 149 114

387

Source: ECB report "Possible effects of EMU on the EU banking systems in the medium to long term" (February 1999).

Table 5. Private non-financial enterprises' bonds, credit institutions' bonds and government bonds outstanding as % of GDP,

1997

Private Credit Government non-financial institutions' bonds bonds bonds

AT 2.7 31.1 30.6

BE 10.0 38.3 111.0

DE 0.1 54.6 37.6

ES 2.6 4.5 52.9

FI 3.7 7.1 35.5

IE 0.01 1.6 32.2

IT 1.6 19.4 100.4

NL NA 43.1 53.4

SE 3.6 38.6 46.5

Source: ECB report "Possible effects of EMU on the EU banking systems in the medium to long term" (February 1999).

Euro and European integration

Speech delivered by Eugenio Domingo Solans,

Member of the Governing Council and the Executive Board of the

European Central Bank, at the "Euro and Denmark" exhibition in Aalborg, Denmark, on 10 September 1999

INTRODUCTION

It is a real pleasure for me to participate in the "Euro and Denmark" exhibition in Aalborg. It is the first time since my appointment as a member of the Executive Board of the European Central Bank (ECB) in May
1998 that I have had the opportunity to speak in Denmark. Thank you for your invitation and for asking me to share my views on the euro and on
European integration with investors and experts of this "pre-in" country.

I should like to refer to two main topics. First, and more extensively, allow me to explain the ECB's view and my own view on the role of the euro as an international currency. After this I intend to make some brief comments on the key role that the euro and the Eurosystem are playing in the process of European economic integration.

Before I begin, I should like to add that it goes without saying that the institutional position of the ECB - and therefore my own official position - concerning Denmark's entry to the euro area is one of strict neutrality. This is an issue which has to be decided by the Danish people, whenever and in whatever way they deem appropriate.

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