The European Banking Authority released its stress tests results for 51 lenders, and in reassuring news for the UK taxpayer, UK banks appear to be in relatively good shape. The same may not be true of some continental lenders. In particular, Italy’s banking sector is coming under the spotlight (£360bn non-performing loans) and has the potential to unravel quickly. Lest we forget, there are bigger issues in Europe than Brexit. Whilst the UK vote is perhaps precipitative, there are long term vulnerabilities across Europe of which we should not lose sight.