First, the facts: Google surprised the world today with a highly interactive homepage that uses cutting edge web technologies to scatter and gather bouncing balls based on user mouse input.
With its consensus metric back to its usual low variability, another surprise crisis could scatter its value scores and potentially impact its ROE, especially since it enjoys such a high reputation premium.
The best way to combine the benefits of competition with greater market clout may be to build fewer but larger pan-European firms, rather than a scatter of national giants.