  The many-body correlation effects in the spatially separated electron and
hole layers in the coupled quantum wells are investigated. The specific case of
the many-component electron-hole system is considered. Keeping the main
diagrams in the parameter of the inverse number of components allows us to
justify the RPA diagram selection. The ground state of the system is found to
be the electron-hole liquid which possesses the energy smaller than the exciton
phase. The connection is discussed between the results obtained and the
experiments in which the inhomogeneous state in the coupled quantum wells is
revealed.
