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Embracing change

The most important event in modern financial history is upon us. In the afternoon of December 31 the official euro conversion rate will be announced. At that moment, 11 national currencies will effectively cease to exist and core Europe will have a single currency.

Along with the major European and US financial institutions, Euromoney believes that this new market will come to rival the dollar market in size, diversity, depth and sophistication. We also believe that the creation of the euro will hasten the demise of the old-fashioned regulatory environment and corporate ownership structures that have hindered the development of efficient capital markets in continental Europe.

To emphasize the importance of the euro capital markets and to illustrate the scale of the transformation ahead we have once again devoted most of our issue to the new currency. We have invited experts from a variety of institutions to contribute their views - both positive and negative - on the details of monetary union.

The vast opportunities for the leading banks and investment management firms are highlighted by our story on asset re-allocation. As much as $1.5 trillion dollars will flow through Europe's domestic equity markets alone as investors rebalance portfolios.

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