EU enlargement may increase euro liquidity

Ten countries -- Hungary, Poland, Czech Republic, Slovakia, Slovenia, Estonia, Latvia, Lithuania, Malta and Cyprus -- are set to join the EU in 2004. The size of the eurozone market will be increased by 40%.

"As the countries integrate, we should see a deeper and more liquid market," said Kamal Sharma, currency strategist at Commerzbank in London. "From a trade perspective, the market will be more fluid."

At present, trading in the currencies of the ascension countries accounts for 0.2%, or $5