GDP, in contrast, is about the same. This gap increased further in the years 2015 to 2017.  [16] In addition, almost 90% of private equity and venture capital in Europe is concentrated in eight member states that represent 73% of EU GDP. [17] There is little cross-border investment in this market segment. [18] National banking markets are also quite fragmented in Europe.
At least in the core countries of the Euro Area, the share of bank assets held by foreign branches and subsidiaries is still very low. [19] Additionally, cross-border mergers and acquisitions among banks have been on a declining trend in the Euro Area since the last financial crises, both in terms of the number and the valuation of the transactions.