Part of this uncertainty reflects the reality that not everything can be extrapolated. I am referring, for example, to the U.S. private sector financing model.
As you know, the weight of financing through the wholesale market is approximately 70% of the total, leaving banks with a weight of barely 30%. Nothing comparable to the European financing model where banks have the responsibility of financing the economy. When the European Commission considers creating a deep and diversified single financial market, we immediately think of the U.S. as a model.
