Ewald Nowotny, a member of the European Central Bank Governing Council, defended the EU's stress tests on banks amid concerns that the assessments might not be stringent enough. "I think they are strict and serious. I observe that some groups have a tendency to raise doubts which is completely unfounded," Nowotny said. "What we have now is an organized stress test and then we have the government reaction to these results ... then at the ECB we will have to look how markets are developing and then we will have to act accordingly." Nowotny's comments came as successful debt auctions indicated that concerns about sovereign debt have eased.
Published in Brief: