One reason for this may be the hard lesson which the country learned during the economic crisis of the 1990's. The crisis proved that it is much better to face up with realities and act in a timely manner than to try to live in denial of unpleasant facts.
With more than 30 stock exchanges, Europe has an enormously high density of such places. The associated fragmentation of liquidity is naturally not conducive to an efficient and  3  BIS Review 101/1999  transparent price formation process.