Attention needs to be paid to uncertainty regarding Asset Quality Reviews and stress tests to be conducted by the European Central Bank (ECB) over the twelve months from November 2013 and the associated recapitalization process that may occur.
The EMU is a complex construct, a union of sovereign states making up a single market and sharing a single currency. States that are at the same time independent and interdependent, united and diversified, whose actions are linked and bound by common rules and institutions, while retaining sovereignty.