the euro as an international investment currency is likely to develop more gradually over time. from the point of view of monetary policy, let me recall that the internationalisation of the euro is not a policy objective as such and that, therefore, it will be neither fostered nor hindered by the eurosystem. turning to securities in the form of shares, close to 900 companies were newly listed on stock exchanges in the euro area in the course of 1999. this represented an increase of some 40 % compared with 1998. in the united states, there were close to 800 new stock listings in 1999, a slight decline compared with 1998, and in the united kingdom new stock listings also declined from 1998 to 1999. these changes may obviously have reflected circumstantial factors, such as differing positions in the business cycle, for example. these circumstantial factors notwithstanding, the increase in new listings also seems to have reflected the enhanced attractiveness of stock market listing in the euro area. following the introduction of the euro, a number of firms found it more attractive to issue stocks in the euro area, as these stocks could be marketed to a wider array of investors than had been possible in the stock markets of the predecessor currencies of the euro. furthermore, in 1999 and in the first half of 2000, there was an exceptional array of initiatives taken by stock exchanges with a view to forming alliances or merging activities, both within the euro area and beyond, involving exchanges located in the united kingdom and the united states. these initiatives clearly reflected not only factors specific to the euro area, but also other factors, such as the impact of new information and telecommunications technology. these new technologies seem to have led to a marked increase in the economies of scope and scale that can be achieved by stock exchanges through alliances or mergers. at the level of the euro area, the process of consolidation of stock exchanges is taking place in the context of the integration of stock markets at area - wide level. in summary, both corporate bond markets and equity markets in the euro area, while remaining somewhat less developed than their us counterparts, developed rapidly in 1999. this development seems, in particular, to have brought benefits to the less well - rated borrowers, as the amount of bonds issued by this category of borrowers increased most rapidly in 1999. it cannot be denied that the process of economic and monetary union has contributed positively to this development. with the introduction of the euro, financial prices are no longer affected by intra - area

not really in the mood for the euro either. however, information campaigns and the reality of the new currency resulted in growing support – a trend that we are already observing in lithuania. according to the latest survey data, support for the single currency increased by 18 percentage points from late last year to mid - 2014 in lithuania. in latvia, it even increased by 30 percentage points ( to 68 % ) over the same period. 1 and, even though public support for the european project as such has been on the decline across member states during the crisis, if anything, citizens in euro area countries have persistently demonstrated solid support for the common currency. in essence, those that are sceptical about the new currency have two concerns : first, they are worried that the changeover might lead to price increases ; second, they are afraid that their country might lose part of its identity. compared with other eu member states that are not yet part of the euro area, these concerns are especially high in lithuania. three - quarters of survey respondents in lithuania believe that introducing the euro will lead to increased prices. 2 i am confident we can demonstrate that such worries are unwarranted. first, the ecb will be the competent http : / / ec. europa. eu / public _ opinion / archives / eb / eb81 / eb81 _ en. htm. http : / / ec. europa. eu / public _ opinion / flash / fl _ 400 _ en. pdf. bis central bankers ’ speeches monetary policy authority once lithuania is part of the euro area. and i can assure you that we take our price stability mandate very seriously and will continue to do so. second, the lithuanian authorities can draw on the experience from 18 previous euro changeovers in designing measures to prevent unjustified price increases. i trust they will make sure that the new banknotes and coins will have the same purchasing power as the litas. what about the other main concern, a loss of national identity? designed by antanas zukauskas, the new coins resemble the litas coins, showing vytis ( “ the chaser ” ), which is an adaption of the country ’ s coat of arms. but lithuania will not just bring a national symbol to the euro area. in joining the euro area, lithuania will effectively re - gain part of the sovereignty it gave up earlier. lithuania ’ s minister for finance, rimantas sadzius, allegedly said,