Since the Maastricht treaty came into force in November 1993 and gave birth to the European Union, Britain’s FTSE 100 Index has trailed the regional Euro Stoxx 50 Index and the benchmark gauges of non-EU members Switzerland and Norway. In dollar terms, the U.K. measure’s 85 percent gain compares with a 355 percent jump for the Swiss Market Index and a 435 percent rally in the OBX Index. In local currencies, the latter two have surged twice as much as or more than the FTSE 100.
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