The many-body correlation effects in the spatially separated electron and hole layers in the coupled quantum wells (CQW) are investigated. A special case of the many-component electron-hole system is considered, ν>>1 being the number of the components. Keeping the main diagrams in the parameter 1/ν allows us to justify the selection of the RPA diagrams. The ground state of the system is found to be the electron-hole liquid with the energy smaller than the dense exciton gas phase. The possible connection is discussed between the results obtained and the experiments in which the inhomogeneous state in the CQW is found.
