Stress tests should be subject to stress tests. Would the banks that passed the version of the test imposed by Europe's financial regulators be able to fund themselves adequately if implicit or explicit state guarantees of their non-deposit liabilities were withdrawn? This further test should be applied to each bank individually, and for the group of systemically important banks as a whole. The outcome would indicate how far Europe's banks have progressed in being able to survive without public subsidy. Not far, I suspect.
壓力測試本身也應該接受“壓力測試”。如果政府撤銷對其非存款債務的隱性或顯性擔保，那些通過了歐洲金融監管機構壓力測試的銀行，能夠為自己融得足夠資金嗎？所有銀行都應單獨接受這種進一步的測試，而那些具有系統重要性的銀行則應作為一個整體接受測試。測試結果將顯示出，歐洲銀行在不靠公共補貼維持存續方面有多大的進展。我估計，進展不大。
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