> First, compared to the rest of the EU, Germany is a weird outlier with the number of banks they have (which, by the way, has been declining steadily for 15 years).

Still, the absolute number itself seems to be not really the issue here. (I assume the number of US banks has similarly declined in the US, as fusions reduce cost.)

> Setting that aside, you missed the "deregulated" part.

Yeah, that part I don't object to.