Ferchi

The European stress tests are less credible than the US stress tests, for reasons laid out by and many others. They're a bit of a europudding, but they're better than nothing. And it's worth remembering that a lot of people had similar reactions to the US stress tests, too, immediately before and immediately after they came out - few people at the time reckoned that they would have much effect in terms of restoring confidence and credibility to the interbank market.