II It is gratifying that the financial markets already seem to have largely accepted the euro. At any rate, the euro has passed its first test. The markets apparently have confidence in the preannounced exchange rates. So far there have been no marked tensions between the exchange rates of the future participating currencies. And the euro has already begun to show the first benefits.
Moreover, the market and financial supervisors are requiring the adoption of more sophisticated and comprehensive techniques for the management of risks associated with larger and more complex firms. However, the benefits of lower costs, greater diversification, and better risk management at large, complex firms depend on many particulars, including robust infrastructure and a reduction in the opaqueness that results from increased firm complexity.