The presence of pan-European banking groups’ branches or subsidiaries in the EU countries is quite limited – even if there is a lot of representation of it in this conference room today. The average share of foreign branches and subsidiaries accounts for approximately 25% of the EU banking market.
BIS central bankers’ speeches  3  important structural reforms and a shift toward more flexible exchange rate regimes in some EMEs are omitted. The different growth trajectories implied by the three scenarios are evident in the results shown in Chart 7.