In addition, smaller investors will clearly be able to reap the full benefits of the establishment of large financial markets in the euro area, either through the use of retail brokerage services or, more often, through the purchase of mutual fund shares.
Technological changes have reduced the cost of capital relative to labour, encouraging businesses to use more physical capital, in particular more computers and computer-based equipment. And there has been an accompanying shift in the demand for labour away from unskilled workers.