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In the euro area, the amount of outstanding debt securities issued by non-financial corporations in their domestic currency represents around 5% of GDP, compared to a figure of more than 20% in the United States. Integration is progressing in the government bond markets and, to a lesser extent, also in the corporate bond markets. The corporate bond markets have grown and deepened substantially in Europe over the past years, although a large gap with the United States still exists as regards the outstanding volume. But the new issuances in 2003, according to the best estimates, were of the same order of magnitude on both sides of the Atlantic. The business of underwriting corporate bonds in euro, on the other hand, is a wholesale banking area that has become largely pan-European and even international. The short-term securities markets in Europe are slowly integrating. The market’s size for commercial paper in the EU represents about EUR 1000 billion, which is about two thirds of the size the US market for commercial paper. As I mentioned earlier, one of the ECB’s approaches to fostering financial integration is to act as a catalyst for initiatives from the private sector. One such example is the Short-Term European Paper (STEP) initiative, which was set up by the ACI – The Financial Markets Association. It aims to promote the convergence of the practices prevailing in the fragmented European short-term securities markets through market players’ voluntary compliance with the standards set out in the STEP Market Convention.