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By Philippe Legrain ADD COMMENTS

Philippe Legrain, an economist and former adviser to then European Commission president José Manuel Barroso, described the tests as a “whitewash”.

“The ECB singles out less important banks in less important countries and gives the German banks a clear bill of health,” Mr Legrain said.

Read more here http://m.ft.com/intl/cms/s/0/5bdcfe20-5cfc-11e4-9753-00144feabdc0.html

Others were less convinced by the outcome of the tests, however. Philippe Legrain, an economist and former EC adviser, said: “It’s ludicrous that there is only a capital shortfall of €9.5bn. The ECB singles out less important banks in less important countries and gives the German banks a clear bill of health.”

Read more here http://m.ft.com/intl/cms/s/0/42fe9b80-5d0f-11e4-873e-00144feabdc0.html

Posted 27 Oct 2014 in Uncategorized

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