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Mohamed El-Erian
Published: July 15 2010 12:55 | Last updated: July 16 2010 16:05
As we count down to July 23, many will ask if the announcement of stress test results for European banks is a game-changer. Will the testing of 91 European banks by regulators place the region back on the path of financial stability? After all, a similar approach in the US last year is believed by many to have contributed to the normalisation of financial markets there.
The answer to the question comes in two parts: understanding the context of the stress test; and identifying the five things that would enable the test to contribute meaningfully to financial normalisation.
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