The continental European financial system distinghuishes itself from its American counterpart by the dominance of banks in the financing of nonfinancial companies. Only a fraction of the external capital need of the private sector is fulfilled directly, on the public capital market. Non-bank financial intermediaries play a minor role in most continental-European countries. EMU will bring convergence of the European financial system toward the American system, as both public capital markets and institutional investors are expected to fulfill a more important role in the financing of the corporate sector.
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