The euro came into being on 1 January 1999 and it is now the currency in 16 Member States of the European Union. With the creation of the euro, it became clear that a currency could represent a decisive step on the long path towards an ever closer union among the peoples of Europe. Since the euro’s introduction, Europeans have benefited from price stability.
Full advantage is not being taken of the portfolio diversification that professional managers can provide. Banks continue to play a crucial role, both because the level of direct intermediation is still high and because the major banking groups include management companies that control almost the entire investment fund market.