This channel is bunged up: many households cannot borrow because their homes have fallen in value and because banks are less willing to lend.

ECONOMIST: The Fed's big announcement

The financial crisis has bunged up that transmission mechanism.

ECONOMIST: Economics focus

Instead the tests will probably assume slower growth as a result of bunged-up debt markets and get banks to recognise the market price of sovereign instruments in their trading books (but not in their larger loan books).

ECONOMIST: Europe's pressured banks