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Barnier Says EU Stress Tests on Banks a ‘Difficult Exercise’

May 24 (Bloomberg) -- The European Union has had difficulties with its stress tests on banks, said Michel Barnier, the bloc’s financial services chief.

“This has been a difficult exercise conducted in a sensitive political and financial climate,” he said at a conference in Brussels today.

The European Banking Authority has been “dependent” on information provided by national supervisors. Still, he said that “each new round of stress tests has been an improved one.”

To contact the reporter on this story: Jim Brunsden in Brussels at jbrunsden@bloomberg.net

To contact the editor responsible for this story: Anthony Aarons at aaarons@bloomberg.net

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