EBA’s Huertas: credible stress-test is first task

Taking the strain

Thomas Huertas

Just over two years ago, Jacques de Larosière, a former governor of the French central bank, called for a more integrated system of financial supervision in the European Union (EU), in which all national regulators would surrender some power and a set of three muscular new authorities would watch over the banking, insurance and securities markets. On January 1 this year, those authorities rose from the ashes of their predecessors and got to work immediately. This is regulation in post-