Most of Europe's leading stock markets have agreed to begin moves to set up a European-wide stock exchange.

At talks in Paris, the heads of stock markets in Amsterdam, Brussels, Frankfurt, London, Madrid, Milan, Paris and Zurich said a single European exchange would make it simpler and cheaper for investors to buy shares in companies anywhere in Europe.

More talks will be held to discuss the impact of the single European currency, and to find ways to harmonise regulations and technology.

The only opposition came from Sweden; the Stockholm exchange said the proposal would reduce competition.