- Strictness of ECB test is not just about results
- Asset sales won’t help banks get TLTRO cash
- Banks have strengthened balance sheets by €198bn
- Strong euro part of improvement in market sentiment
While bemoaning the current lethargy of the markets it’s a case of “be careful what you wish for”. The upcoming stress tests have the potential to create some large volatility. Bad news and the euro plummets, good news and it rockets
