This is exchanges at Goldman Sachs where we discuss developments currently shaping markets industries in the global economy.

I'm Jake Seward, global head of corporate communications here at the firm.

We're here today in London for a look at the past year in European deal-making and what might be in store for the year ahead.

I'm joined by Anthony Gutman, the co-head of UK Investment Banking here at Goldman Sachs,

and also the co-head of Investment Banking Services for Europe, the Middle East, and Africa.

Antoni, thanks for joining us.

Pleasure to be here.

The European economy has been relatively strong in 2017,

and for the most part, the years most closely watched elections on the

continent have produced reasonably market-friendly results. How's that macro

backdrop influence corporate deal-making across the continent? As we've making across the continent.

As we've looked across the last 12 months, we've been positively surprised by the outcomes of

these elections.

For our business, what's absolutely critical is stability. We like growth as well but actually really

to get deals done. We need stability in a reasonable sense of visibility which comes from that

stability and I think those election outcomes have created that backdrop.

There's less of a sense, at least in Europe,

that there are more volatile, unpredictable outcomes coming.

And in that context, I think around the boardroom table, generally speaking,

people are much more open to doing things because they feel they know what's coming around the corner.

And that's demonstrated itself in a pretty big

pickup in activity. We've seen if you look at the statistics deal count up, which is

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