Fiscal stimulus packages were comparatively large in low debt or surplus countries such as Spain and Germany, but virtually non-existent in high debt countries such as Italy. And fourth, the discretionary fiscal stimulus in the euro area has not, actually, been that large.
Europe’s FinTech sector has been catching up with US FinTech investment growth, with investment following an upward path since 2008, having reached US $ billion with 536 deals in 2018, driven by big mergers and acquisitions  3  (M&As) (see Chart 3).