In remarks today, Daniele Nouy, President of the Supervisory Council of the European Central Bank (ECB) suggested that the European Union (EU) will reduce the number of stress tests next year. Nouy confirmed that the European Banking Authority (EBA) with work with the ECB to conduct another round of stress tests at the largest financial institutions in 2016.

The ECB and EBA are currently in discussions about the timing of next year’s tests and changes to the testing metrics. Nouy did say, however, that they will significantly reduce the number of financial institutions subjected to the stress tests. The next round of tests is expected to include less than half of the 2015 participants, down from 120 financial institutions this year to 50 or 60 next year.