For instance, assets held by pan-European investment funds represented 8 25% of total assets at the end of 2000, up from 12% in 1998 . The development of a genuine pan-European approach is also illustrated by the introduction of various European stock indexes. The turnover on options based on these indexes –for instance, the volume of options traded on the Eurostoxx50 contract– now matches the turnover of options based on well-established domestic indexes such as the CAC in France. This provides evidence that large investors are looking for – and actually have recourse to– hedging products that are suited to a cross-border oriented strategy. However, this evidence of a strong impetus towards integration does not necessarily support the argument that a brand new asset allocation is overwhelmingly dominant. Let me emphasise two aspects. First, pan-European sectoral strategies have also embraced non-euro area stocks in order to reach an appropriate level of diversification. This is the case in sectors such as pharmaceuticals, or telecom equipment, with stocks listed in non-euro area countries such as Switzerland, the United Kingdom and Sweden. This is in line with some theoretical assumptions, which are stating that currency risk is outweighed by the risk-return parameters, as far as investing in equities is concerned. This leads me to the second aspect: the sensitivity of stock market to general macroeconomic events suggests that domestic macroeconomic variables still influence stock prices.
The significance of climate risks to financial stability may change over time. The SNB therefore considers it a priority to continuously monitor developments and review its assessment. Completion of the ninth banknote series To finish, let me turn to a very different topic – the issuance of the ninth banknote series. The development of the new banknotes was a complex, long-term project with exacting design and production requirements. The 100-franc note, which entered circulation on 12 September 2019, was the sixth and final denomination of the SNB’s new banknote series. Since the issuance of the first of the new banknotes, the 50-franc note in April 2016, feedback on the new banknotes has been very positive. The new series has been well received by the public. The new substrate Durasafe® has also proven a success. Preliminary evaluations suggest that this substrate should ensure a longer lifespan for the banknotes. The issuance of modern and forgery-proof banknotes is a central task of the SNB. It is important to us that we are able to meet the expectations of the Swiss population. The new banknotes use state-of-the-art technology, and are robust and easy to handle. The entire logistical processes, including the modification of ATMs to accommodate the new notes, also proceeded without significant problems. The eighth banknote series will continue to be legal tender until further notice. The SNB plans to announce the recall date for the eighth-series notes in the course of 2020.