Eurozone banking: Strategies for eurozone survival

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In the eurozone big is beautiful. The potential three-way merger of Banque Nationale de Paris, Société Générale and Paribas is just the latest example of the consolidation that will transform Europe's fragmented and largely unsophisticated banking industry. National borders and regulations have become irrelevant more quickly than anyone had predicted, leaving the way open for huge intra-market and cross-border tie-ups. But as banking goes the way of auto manufacturing and pharmaceuticals, what role is left for the smaller institutions - the regional specialists and the boutiques?