It could prove to be the last major industrial project of his presidency. France’s Emmanuel Macron has raised the possibility of mega-mergers to consolidate Europe’s banking industry. He wants to create a series of world-beating giants, citing the luxury goods conglomerate LVMH as a template. If there is to be a consolidation of the European finance industry, then surely the major British banks should be taking part in that? After all, we have some of the biggest banks in Europe, and by far the most vibrant fintech industry. If a wave of deals is about to get started, the major UK players need to be ready to take part – or risk being left on the sidelines as Macron engineers the creation of a eurozone mega-bank. Whatever his other faults, President Macron has never lacked ambition. He has attempted to reform the moribund French economy, reshape the European Union and lead the transition towards net zero, while forging an ambitious industrial strategy for the Continent. He thinks big. With time running out on his presidency, due to come to an end in 2027, he has now set his sights on one more major project: reshaping the finance industry. In an...