This complexity – and the lack of information about where the underlying credit, legal, and operational risks resided – made these products more difficult and costly to value than many originally thought.
The single currency is also a major step forward in terms of more efficiency, by lowering transaction costs and increasing price transparency and competition, which will be even more evident once the notes and coins will have been introduced. Monetary union also intensifies the integration of European financial markets, which improves financing possibilities for companies.