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ECB's Praet assures EU bank health check will restore confidence in the sector

FXStreet (Łódź) - Speaking at an event in Munich on Monday, ECB Executive Board Member and Chief of Economics Peter Praet expressed confidence that the ongoing bank asset quality review and stress tests would restore confidence in the European banking sector.

The health check results will be made known on October 26 and if they will reveal that many banks failed, "markets won't be impressed" in the opinion of Jamie Coleman from FXBeat.

"The reason the US stress tests worked so spectacularly in early 2009 was because so many major institutions were forced by Uncle Sam to raise capital at a time when capital had all but dried up. Vulnerabilities were exposed, not papered over. Past European stress tests have been pretty weak. The market needs to see a test with teeth before buying-in."

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