The mistakes made by Europe's banks – and the damage they caused to the euro zone economy – must never be repeated, Mario Dragi, President of European Central Bank (ECB) told CNBC on Wednesday.
He said the latest round of stress tests for banks were "just a beginning" in ensuring the financial sector was on a stronger footing and would not jeopardize government finances again.
"What's been done in the past must not be repeated again…Things have improved in the banking industry but no, this is not a final point. It's just a beginning of a new way of doing things," he said in an interview with CNBC.
"I insist that the primary objective of this exercise is transparency."
(Read more: ECB sets tests to strengthen Europe's banks)
His comments came after the ECB unveiled Wednesday the tough criteria for its stress tests of the euro zone's banks, designed to analyze lenders' ability to withstand adverse economic conditions.