NO COMPANY FOUNDED in Europe in the past four decades has gone on to be worth over $100bn today. Entrepreneurs in America have managed the feat a dozen times, including the founders of Amazon, Cisco and Home Depot. China will soon have more such corporate leviathans than the European Union does. Angela Merkel of Germany and Emmanuel Macron of France are among those who think they have found a solution to this relative impotence: let European companies merge their way into the top leagues.
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