Ultra Low Interest Rates have destabilized the global Economy whose capital markets now show signs of Illiquidity. Stress testing of banks by central banking authorities has come to prominence as reliance on the traditional accounting standards has waned. Europe’s banking system was successfully stress tested last October, but we were not impressed.iref_fffn_15-07.pdf “Financial and Fiscal Features” Newsletter is a monthly publication by the IREF. It brings latest inside information from the world of central banks and financial markets, both of which are increasingly intertwined with fiscal issues. You can find the latest issue in the .PDF file. It can be either read on your screen/e-reader or printed out. You can print it out either on normal A4 sheets or on a single double-sided A3 which can be folded to make a simple “newspaper”. The last page has been specially formatted so that it can be printed separately on a self-standing single sheet and pinned to a public notice-board at your place of work or learning, if you think it is appropriate and if you think others would also benefit from what we have to say.