After months of living up to their name, the four-month-long European bank stress tests yielded extraordinarily good news: 84 of 91 lenders passed the examination.  But not everyone is convinced that the tests were sufficiently rigorous to allay investor fears.

I round up the reactions in my New Atlanticist post “Euro Banks Pass Stress Tests But Investors Still Stressed” and conclude,

Despite the dismissals now about rigor, there was plenty of nervousness in the days leading up to today’s announcement.  We’ll soon see how the markets respond to the tests but my guess is that, as with the Greek bailout, this will be seen as a necessary but not sufficient step on the path to regaining confidence in the system.

That’s pretty tepid, I’m afraid, for something so major and so late in coming.   But it is what it is.