Speaking as the carrier unveiled its first-half results, McCall admitted that unlike in the US, there were barriers to mergers and acquisitions.

However, she told TTG: “Our view is that there will be more consolidation in Europe but that there are certain obstacles to it.

“You don’t have Chapter 11 [a form of bankruptcy protection] here, for instance, so it doesn’t happen quite as quickly and easily as it has done in the US.”

She added: “It’s going to take a lot longer in Europe to see consolidation, but possibly as the oil price goes back up again, over time you may see that that is more likely.”

EasyJet has itself been linked with a shock swoop for fellow Luton-based airline Monarch, but McCall refused to be drawn on the speculation.

Meanwhile, easyJet’s half-year results revealed a swing from a small profit to a loss during its seasonally quieter first half.

The move into the red came after the carrier was hit by an “unfavourable £33 million movement from foreign exchange”.

EasyJet made a pre-tax loss of £24 million for the six months to the end of March, compared with a profit of £7 million in 2015.

Total revenue rose slightly from £1.767 billion to £1.771 billion, but revenue per seat declined by 6.6% to £51.29. The airline said events including the terrorist attacks in Egypt, Paris and Brussels had led to lower demand and yield.

EasyJet actually saw a rise in non-seat related revenue from £28 million to £31 million and McCall was keen to point out the success of the company’s non-airline product.

“EasyJet holidays is growing, but also separately people are choosing to book flights and hotels with easyJet now,” she said.

Shares in the company rose slightly following the news and finished the day at £15.10.

Wyn Ellis, an analyst at Numis, said he was “encouraged” by the latest set of results.

“It has been a tough year, given the bombings in Brussels and the events in Paris and Sharm el Sheikh, but the company is still expected to deliver [profit before tax] growth of over 4%,” he said in a note to investors.