When an ofcer of the European Commission was once asked what he did for a living, he answered: “I work for the European Union”. “Oh, I did not know that you were in insurance” – responded the apparently surprised US businessman. “I am” – the witty ofcer cleverly retaliated. We are all in fact involved in the business of insuring the European future. The euro, the new currency, can be considered as the new Portuguese escudo (shield).