Wall Street Journal
February 4, 2011
Referendums are double-edged swords wielded clumsily if not shamelessly by European Union governments. They tend to be offered until the result required is delivered. Only then are the people judged to have spoken.
Look at Ireland’s initial rejection of the Lisbon Treaty. The electorate was swiftly assumed to have been joking. Sixteen months later the scamps were given a chance to get serious and vote yes. This second result was, apparently, the one they really meant.
When it comes to bank stress tests, however, the situation is reversed.
The first round of tests came in 2010 and the desired result was instantly achieved. More or less everyone crossed the line with flying colors. Even the smattering of banks that didn’t make it were only judged to need a little nudge to get there.
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