The charts above show the prolonged downturn in European private equity activity after the European sovereign debt crisis. Looking at the macro and dealmaking environment in 2016, many uncertainties remain. As the U.S. Fed looks to continue to hike rates due to promising job numbers, central bankers in Sweden, Switzerland and Japan have taken the opposite tact, taking the unprecedented step to lower rates below zero. In a year marked so far with fear and uncertainty, central bankers may need to climb down from their ivory towers and engage with dealmakers on the ground.