FT Surely it’s also important for you, though, that politically you’re seen to be within your mandate. MD Certainly and that’s why the ECB should be transparent and accountable. FT Returning to the question of conditionally, there are important critics, particularly in Germany, who say that it removes the incentive of governments to act. How do you counter that? MD Quite the contrary.
In the United Kingdom (UK), the Bank of England (BoE) announced the key elements of its 2017 stress test in March. The 2017 stress test includes two stress scenarios. Alongside the annual cyclical scenario, the BoE is for the first time running an additional exploratory scenario.