The crucial achievement of the European Coal and Steel Community was that, for the first time in history, European governments ceded part of their sovereignty, albeit only in a limited and wellspecified area, to a joint, supranational authority.
The EBA stress test serves as a useful barometer to assess the health of the European banking sector and focuses on the largest banks operating in the European Union. Relative to other member countries, the Irish banking system has experienced higher loan loss rates since 2008.