BBC News at Ten appearance on 23 July

I appeared on the BBC News at Ten on 23 July, in which Robert Peston interviewed me regarding the European bank stress tests.

Here is what I had to say:

• “I think there is a realistic possibility of another banking crisis.”
• “The stress tests don’t really look at the realistic possibility of more severe downsides, so I don’t feel comforted by that.”
• On a second banking crisis: “The difference is it would be more worrying this time because the governments are essentially out of ammunition; we’re in a sovereign debt crisis now as well.”