Investors are increasingly considering new opportunities in the euro zone with growing interest in the leading European stocks. Stockbrokers report an upsurge in interest among their private client base in big names such as BMW - the centre of takeover speculation - Volkswagen and, in particular, the telecommunications company Tele Denmark. You should be warned though that while the currency risk of making these investments has been removed by the introduction of the euro, it is still a sector best suited to substantial investors.

It remains very expensive for private investors to buy and sell European shares. To deal in these markets they must pay commission, custody charges and dealing charges which can amount to up to 5 per cent of the total trade in some cases. And when selling the shares the exit cost could be up to 3 per cent. These charges should be reduced over time but as matters stand, small investors must dig deep into their pockets.