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Eurozone's second-biggest lender is laying off 18,000 staff worldwide (Photo: Reuters)

EU banks more vulnerable to shocks than feared

Eurozone banks might be much more vulnerable to a repeat of the 2008 financial crisis than EU "stress-tests" have said, according to a new audit.

The tests, published last year, excluded many of Europe's weakest banks, ignored key factors that could cause a bank to fail, and used simulations which had nothing to do with the 2008 crisis, the European Court of Auditors (ECA) in Luxembourg said on Wednesday (10 July).

They also gave too much weight to national regulators' opinions,...

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Author Bio

Andrew Rettman is EUobserver's Foreign Affairs Editor. He has been writing about foreign and security affairs for EUobserver since 2005. He is Polish but grew up in the UK. He has also written for The Guardian, The Telegraph, and The Times of London.

Eurozone's second-biggest lender is laying off 18,000 staff worldwide (Photo: Reuters)

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Author Bio

Andrew Rettman is EUobserver's Foreign Affairs Editor. He has been writing about foreign and security affairs for EUobserver since 2005. He is Polish but grew up in the UK. He has also written for The Guardian, The Telegraph, and The Times of London.

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