Which helps to explain the weaker tradition of public stock ownership in Europe: As of 1999 less than 10% of the German and French population owned individual stocks, compared with 21% in the U.S. But as state-owned companies and pension funds are privatized, more companies issue stock options and cross-border investments increase, equities are the order of the day.

FORBES: Merci, PaineWebber?

Thus far, that suggestion has been resisted with the Treasury keen to keep this as an issue for cross-border Ministerial consultation.

BBC: Beware of Greeks bearing gifts

At first the issue looks almost academic, because such cross-border payments currently account for only 1% of all payments sent by banks within the euro zone.

ECONOMIST: Borders and barriers