Is there reason to fear a banking crisis in the euro zone?

We know the sources of concern about banks' situation: The very low level of interest rates and the flat yield curves that reduce intermediation margins; The rise in bankruptcies and unemployment as a result of the COVID crisis. But we should not forget that banks in the euro zone: Can obtain funding at -1% and therefore generate a positive carry, including on holding government bonds; Will not be faced with a very sharp rise in corporate bankruptcies or in household defaults , thanks to government protection; Will benefit from the fact that many companies have not used the loans drawn down in 2020, and will therefore be able to repay them; Had very high capital levels at the beginning of the crisis. The way euro-zone banks' share prices have reacted to the crisis therefore seems very excessive and there is no reason to fear credit rationing.