The word “euro” is now written in the Cyrillic as well as in the Latin and Greek alphabets. Today, 332 million people in 17 countries use euro banknotes every day. And worldwide, the value of euro banknotes circulating is roughly the same as that of US dollar bills.
When the next episode of financial instability presents itself, it may do so in a messy and unexpected way. Banks will need to be ready not just for expected risks, but for unexpected ones. Thus, the tests will need to vary from year to year, and to explore even quite unlikely scenarios.