Third, some banks could still fall short of capital. Just over a quarter, 25.5 percent, of the 66 banks in the least capitalized areas were able to successfully raise capital in 2014. Under half of these banks accounted for three quarters of all the capital raised.
Read MoreUBS Chairman: Don't give Germany the wrong diagnosis
In other words, a number of banks in the weaker districts still struggled to raise money. Finally, in total, 32 percent more capital has been raised so far this year than in the entire year before the last stress tests.
Germany may change its mind
The bigger point is still that you have to have a healthy financial sector, or it gets very difficult to have healthy broader markets.
Speculation continues that the ECB may, in fact, want to introduce full-blown quantitative easing (buying European sovereign bonds), but that ECB President Mario Draghi's hands are tied by German Bundesbank officials who don't want to mop up the bill for Europe.
Read MoreGerman industry output plunges most in over 5 years
However, this "Germany on one side, Europe on the other" attitude could be changing.
German data has been pretty awful lately. German exports dropped 5.8 percent in August. German industrial production fell by 4 percent in the same period. And, given German growth having contracted by 0.2 percent during the second quarter, you have to question: if Germany falls into recession, will this force Bundesbank officials to change their attitude?
In other words, see the weakness continue for powerhouse Germany, and they might be asking for more ECB support instead of opposing it.