We have seen an “equity culture” evolving in Germany that nobody would have deemed possible in 1995. One in five Germans today owns shares, in 1995 the ratio was one in ten. Thus, ordinary people today take an interest in the discussion of business and economic topics. Would this really be the case if it weren’t for the euro?
We have seen vigorous cross-border merger and acquisitions activity in recent years. M & A within the euro area is no longer an issue of correctly assessing long-term exchange-rate developments. There is an expectation that product markets – at least for big-ticket items – will integrate further once the euro is legal tender.