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.
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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.”
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