The European Central Bank (ECB) has quite the job on its
hands. Tasked with supervising the eurozone's largest 128 banks
in November, the central bank needs to prove itself.
Firstly, it must show that October's round of asset quality
review (AQRs) and subsequent stress tests are more credible
than previous exercises, which many perceived to be too weak.
The bank attempted that last month when it announced its manual
for the process,...