Looking back at the developments over the past year, the European debt problem was aggravated up to the summer. Its adverse effects spread over globally through a decline in trade and a deterioration in business sentiment, and, since the summer, many countries have moved deeper into a deceleration phase.
When it comes to assessing share values, uncertainty can often breed doubt: It seems reasonable to expect, as a long-run proposition, that more-accurate market valuations of bank equities will follow better disclosure.