The asset quality review and the stress tests have been important and have been done in a serious and professional way, but this is only the first step. From now on you need a comprehensive reform of the banking system as part of a broader strategy for the entire economy. In this respect there are quite a few further steps to be taken.
A few years ago if I told you that the price of oil would rise to $ per barrel without dire worldwide economic consequences you would have thought me mad.