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Europe's Commercial Empire in Retreat

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European banks have reduced their US presence by about one-third.

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This Great Graphic comes from Alea and Deutsche Bank (DB). Just like the end of the Great War saw the UK and France pull back from their territorial empires -- with some pushing from the US (see the Suez Crisis and Indochina) -- the existential crisis in Europe is forcing a retreat from the commercial empire. There are numerous examples. This is one. European banks have reduced their US presence by about one-third. Japanese and Canadian banks have moved into the space vacated. This broad process of Europe's retreat may also help explain one of the forces acting to slow the euro's decline -- repatriation of sorts to cover holes at home.



See more from Marc Chandler at his blog Marc to Market.

Twitter: @marcmakingsense
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