We must, therefore be clear about our fundamental economic and strategic interests and take prompt and effective action to address any obstacles to those interests. But we must also be flexible enough to adapt and lead further changes. I want today, to look first at the changes in the markets and at the European Union's fundamental economic interests. Second, I will try and explain the EU's response to current challenges and examine how, in the longer term, we can take prompt action to face future changes in the markets. European financial markets are at last beginning to integrate.
Insurance funds are of a similar size.
European pension funds, also have the potential to grow to these dimensions. Even more importantly, the EU has adopted the euro, which is the major catalyst for change by enhancing the price transparency of all European markets. The Internet is pulling in the same direction. Even in those Member States not yet part of the eurozone, such as the UK, many exchanges and investment service providers have moved to pricing in euro. This is beginning to help reduce market fragmentation.