The key is to study the individual fund managers and their track records.

In France, there are all sorts of possibilities. You either have banks buying other banks abroad, as BNP Paribas did, or you have possible domestic deals.

Things have started moving and it's clear that we will be seeing some deals in the short term. There are all sorts of rumors going around and this is pushing the shares higher. We're only seeing the beginning of it.

We can't foresee a good growth scenario in Europe. This is convincing investors to look for other markets that can grow more and yet provide confidence in stability.

Latin American economies have made a leap to quality. We are totally convinced that this time the economic growth will be much more sustainable than it has been in the past.

The fact that two leading companies in the industry may take part in mergers is sending a positive message. This is a market that can be sustained by M&A.