In August 2015, the ECB launched an Asset Quality Review and stress-test exercise for the four systemic Greek banks. The result of this exercise was the identification of capital needs under both a baseline and an adverse macroeconomic scenario. The actual amount of capital raised was that identified under the adverse scenario, namely € billion.
Central to this paradigm (although by no means uniquely associated with inflation targeting) is a high degree of accountability and transparency on the part of the monetary authorities. They have to explain themselves not only to the Parliament (as the source of their ultimate authority), but also to the public at large and to financial markets in particular.