A common New Year’s wish for mergers and acquisitions bankers is that their prediction for a busier year finally comes true.

Investment bankers have every year since 2011 predicted increased activity in mergers and takeovers in Europe, the Middle East and Africa. They have pointed to low interest rates, large cash piles on corporate balance sheets and limited top-line growth at most European companies, which means they have to execute M&A to grow. Every year, they have been disappointed.