National stereotypes

2 October 2003

That s the national stereotype. It also appears to be true as least on the basis of European investment banking deals, weighted by GDP. Italy and Spain, by contrast, are Europe s most avid reformers.

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In the year to September 19, the volume of M&A deals in Europe, according to Dealogic figures, accounted for 7% of Italian GDP, 4.7% of UK, 4.1% in Spain, 2.9% in the Netherlands, 2.4% in France, and 1.8% in Germany. In the US, M&A deals accounted for 2.8% of GDP.

Including equity capital markets transactions, deal volumes were 7.2% in Italy, 5.5% in the UK, 4.5% in Spain, 3.5% in the Netherlands, 3.4% in France and 2.6% in Germany. In the US, deal flows accounted for 3.9% of GDP.

Meanwhile, debt capital market deal volumes over the first nine months of the year accounted for 20% of GDP in Germany, 17% in the Netherlands, 12% in Spain, 11% in the UK, 8% in France and 7% in Italy. In the US, debt deal volumes accounted for 21% of GDP.

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