The European Central Bank's upcoming stress test and asset-quality review of banks could counteract stability achieved by bond markets in the past year, analysts say. "The outcome is bound to be a fudge, though I don't think that will damage ECB credibility," said Adrian Docherty of BNP Paribas. "The risk is that things will drift on, becoming increasingly painful and perhaps counterproductive. We don't want this to be 'death by consultants'."

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