The euro area has been in place since 1999, and currently involves 12 European Union countries. The introduction of the joint currency - the euro - is contributing significantly to the growth of the single financial market of the Union. Previously, companies relied on the banks for capital. Direct financing through issue of securities such as shares or commercial papers played only a secondary role. The situation is now beginning to change, as companies increasingly raise funds in the capital market. The new IPOs are met with growing interest from pension funds. In particular, the last three years have seen a steady rise in trading in euro-denominated company bonds. Thus the euro has become a key currency of debt instrument issue, and not only within the European Union. Trading in commercial papers is additionally boosted by the fact that the supply of treasury securities is shrinking, as the Eurozone countries are consistently implementing the policy of reducing their budget deficits. This, along with the anti-inflationary policies of the European System of Central Banks is strengthening the position of the euro as a world currency.