Some analysts believe there is a risk stress tests are "becoming less effective as a supervisory tool", Bank of Greece governor Yannis Stournaras told an audience at the Croatian National Bank on March 23. Increasingly, he said, they might be seen "as having been undertaken in order to calm the markets".

Banking regulators also need to reduce their reliance on models, Stournaras said. He said "recently conducted" tests at the EU level had "followed a ‘single-model-fits-all' methodology, which