Second, with the creation of the euro, investors and borrowers active in the financial markets of the euro area have de facto been granted access to the euro-denominated market. This market, even if it is not yet fully integrated at the area-wide level, is larger and more open than any of the markets denominated in the predecessor currencies of the euro.
As the remaining barriers to the efficient functioning of financial markets at the area-wide level are progressively removed, borrowers will have easier access to financial resources and investors will enjoy more varied opportunities for investment. Obviously, this development will not necessarily provide benefits only for large borrowers and large investors.