ECB Audit

The European Central Bank decides to audit banks before it takes on it supervisory role later this year. Not sure how much you should trust such an audit and while it will have a negative impact on banks, maybe rightfully so, I am not sure if it will make the European banking system better. While I do think it will remain more competitive than the US banking system we should wait and see what will actually happen which means the verdict on the results is a few years out.