However, the fundamental factors underlying the convergence are based on lessons learned over a significantly longer period. I will go on to speak about monetary and exchange policy in Ireland prior to our entry to the Exchange Rate Mechanism of the European Monetary System, our experience in the mechanism itself and our experience in the euro area.
Moreover, to the extent that the geographical composition of portfolios will become a key driver of the asset allocation, DC plan members will also have to improve their understanding of new investment opportunities. Regulation, at both the national and international level, will have to respond to the changing needs of institutional investors.