The adoption of the euro by 12 of the then 15 members of the European Union represented a major step forward in the pursuit of economic integration, building upon and enhancing the achievements of the single market strategy. With the exchange risk disappearing, financial markets have deepened. Funding costs for European corporations have declined and corporate bond issues have soared. Mergers and acquisitions surged, strengthening the corporate sector. Price comparisons have become easier, which stimulates competition. Asymmetric policy ...