Draghi wants European public backstop for stress tests


European Central Bank (ECB) president Mario Draghi today stressed that both national and European public backstops will be necessary to ensure the comprehensive assessment is a "credible exercise".

When the ECB unveiled details of its three-pronged assessment – including a supervisory risk assessment, asset quality review and stress test – it highlighted the importance of having national backstops "ahead of the completion of this exercise".

Draghi, speaking in Frankfurt this morning, also

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