Mario Draghi warned on Wednesday night that some European banks needed to fail a series of European Central Bank health checks to prove the credibility of its year-long review of the region’s biggest banks.
The blunt comments by the ECB president raised pressure on EU leaders to earmark public money that could in extreme cases be used to recapitalise struggling lenders.
The ECB’s assessment, which includes stress tests and balance sheet reviews, is designed to dispel doubts about banks’ financial health before the central bank takes over from national authorities as supervisor in a year’s time. “Banks do need to fail to show its [the assessment’s] credibility,” Mr Draghi told Bloomberg Television. “There is no question about that.”
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