When the trust was set up it aimed to match its assets, in currency terms, to the ecu - the European unit of currency made up of a basket of EC currencies. In effect it offered a hedge to investors keen on European stocks but who were worried about currency movements.
Jane Moir, a director of the trust, said the uncertainty about the future of European currencies' integration has increased the attractiveness of the trust.
The trust was launched three months before Britain's entry into the exchange rate mechanism. Membership of the ERM took away some of the incentive to hedge but its investments have performed well.
The trust expressed continued confidence in the future of European stocks, but said 'investors as well as voters' were demanding that politicians take note of the Maastricht tensions and the partial breakdown of the ERM.Reuse content