00:00The strategy of Euronext has always been to create scale in Europe.
00:04We do believe that Europe needs a single, or at least a very integrated market,
00:11that scale is the name of the game.
00:14The attractiveness of the market is liquidity, liquidity, liquidity.
00:18So we need to consolidate liquidity.
00:20And it's true that we have always tried to make Euronext the platform
00:24to enable access to European liquidity.
00:27In this environment, and especially in an environment where Donald Trump wants Europe weak,
00:33where Putin wants Europe weak, where the Chinese wants Europe weak,
00:37it's clear that we do need to create scale more quickly than ever.
00:42In this context, Euronext is available to be part of any consolidation
00:45that would make sense to the Euronext shareholders and that would make sense to Europe.
00:50In this context, it's true that on paper,
00:53it could make sense to combine the equity market of Germany with the equity markets of Euronext.
00:58But clearly, at this stage, there are no conversations to make it happen.
01:03At this stage, there is no appetite on the other side to embark into this type of conversations.
01:11But one day, I think it is important that we keep in mind
01:14that the horizon of any growth in Europe or any success in Europe is scale.
01:21And I hope the single supervision that is about to become the rule is going to help.
01:27Because my village might be slightly bigger than someone else's village,
01:31but we are all villages at global scale.
01:33Anyone who takes the plane for more than five hours
01:36can realize that the rest of the world respects us only for the single market.
01:41We are a single European project or we disappear.
01:45Either we succeed together or we fail separately.
01:48And that's why scale is important.
