By
FRANCESCO GIAVAZZI and ANIL K. KASHYAPFEB. 17, 2014
The New
York Times
In
preparation for the handoff, the E.C.B. will conduct a “stress test” to gauge
how the banks would fare if economic conditions deteriorated. But the central
bank’s point person for these efforts, Danièle Nouy, appears to have
misdiagnosed the problem, suggesting that “insufficient transparency regarding
the balance sheets of the European banks” is the critical problem.