La Révolution financière européenne se poursuivra-t-elle?

Ces vingt dernières années, l'Europe a vécu une expansion importante de ses marchés financiers aux dépens de ses systèmes financiers traditionnels, fondés sur les liens étroits entre les grandes banques et les multinationales. Depuis 1980, le rapport entre la capitalisation des marchés boursiers et le PIB a été multiplié par 13, le financement par actions étant multiplié par 16. En 1980, le rapport entre la capitalisation des marchés boursiers et le PIB était cinq fois plus élevé aux États-Unis et au Royaume-Uni qu'en Europe continentale et seulement 60 % plus élevé en l'an 2000.

Les normes de présentations de l'information ont été améliorées partout sur le continent, ainsi que les lois protégeant les actionnaires minoritaires. Par exemple, avant 1980, aucun membre de l'Union européenne actuelle, sauf la France et la Suède, ne possédait des lois contre le délit d'initié--et en Suède, la loi, bien qu'introduite en 1971, ne fut jamais appliquée avant 1990. Dès 2000, tous les membres de l'UE avaient passé des lois contre le délit d'initié et la plupart les appliquait.

Quelle est la raison de ce changement ? S'étend-il à tous les pays européens de l'UE et se poursuivra-t-il malgré l'élargissement de l'UE ?

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