The European Banking Authority (EBA) stress test results came and went at the start of November and nobody paid them much attention. Are they even worth the effort anymore?
This now looks like a test that the examiners – the EBA, the European Central Bank (ECB), national central banks – have designed for their charges to pass easily and which is chiefly intended to reassure investors what a wonderful job the examiners have done in forcing banks to hold larger amounts of higher quality capital to protect against a severe downturn.
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