What Europe's New Economy Needs

Continental Europe's capital market is maturing fast. Since the introduction of the euro, a vibrant corporate fixed-income market has developed. Witness the $9.5 billion, euro-denominated bond issue that Olivetti made in January to finance its hostile takeover of Telecom Italia. And it's not only investment-grade companies that are coming to market. The industrial restructuring following the single currency's arrival has also spurred the growth of a vibrant high-yield market.

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