4/5  BIS central bankers' speeches  Likewise, mergers & acquisitions cannot absolve banks from dealing with the economic challenges I discussed earlier. Whether merged or not, becoming more efficient and profitable is an inescapable challenge for many institutes.
However, in most countries the stock market capitalization relative to GDP is decidedly lower than in the United States, resulting in generally much more modest effects on aggregate demand for given percentage declines in wealth. The exceptions to this rule are Canada and the United Kingdom.