Theory three: if the underlying economic conditions are good and if the euro area and the banking union offer the requisite environment, there will be more mergers and acquisitions going forward – initially within the German market, and, later, across borders in the euro area.
In addition to the already mentioned challenges, the risk of a future recession in the US cannot be discarded as the effects of the current stimulus fade and the need for a fiscal correction accentuates.4  3  Congressional Budget Office (2018): “The Budget and Economic Outlook: 2018 to 2028”, 9 April.