In Europe today, 88% of pensions are provided by the state: typically, these public pensions are unfunded “pay as you go” systems. Now, 401k-type plans are being introduced into Europe. Thus, billions of dollars are going to be invested by employees and a large portion is likely to wind up in stocks, especially European stocks. Ultimately, this should help drive European stock markets just as the spread of 401(k)s in the U.S. has stimulated the U.S. stock market. Top-rated funds investing in Europe include Fidelity Europe Capital Appreciation (800-544-8888) and Morgan Stanley Dean Witter European Growth Fund (800-869-3863).