Also see ECB, 2015, Financial Stability Review, Special Feature ‘Bank profitability challenges in euro area banks: the role of cyclical and structural factors’, available here, for a broader discussion and empirical investigation of cyclical and structural factors affect bank business models. See ECB Financial Integration Report, 2017, ‘Special feature: Cross-border bank consolidation in the euro area’, May 2017, European Central Bank Available here.
Also see Nouy, Danièle, 2017, ‘Too much of a good thing? The need for consolidation in the European banking sector’, speech at the VIII Financial Forum, Madrid, 27 September 2017. Available here. 5 See for example ESRB, (2014), ‘Is Europe Overbanked?, Reports of the Advisory Scientific Committee,  European Systemic Risk Board, No. 4/June 2014. Available here.