Making public offers in the European Union

If a couple of decades ago, the external capital of the European corporations was obtained almost entirely by bank loans, in the present, the situation changed and the finance obtained by issuance of securities is more important. The most significant increase took place on the stock exchange where, in the last few years, the average annual increase of the volume of transactions was major. In these conditions, the problem of creating a standard framework and, consequently, more efficient at the level of the European Union became more stringent because it facilitates for the European corporations the access to the capital with lower costs. The European Commission regulated through some Directives the access to the capital markets and through the MiFiD Directive, major changes were brought with regards to the whole image of the financial markets. It is difficult to estimate accurately the impact that it will be brought by these changes. Maybe the "Bing Bang" notion, used already by part of the analysts, it is not the most suited, but surely the MiFiD Directive will form the catalytic agent of the significant changes of the markets.