EU’s Barroso confident in European banking system

European Commission President Jose Manuel Barroso has confidence in the overall resilience of the European banking system, an EU source said on Thursday.

Barroso will deliver this message to European Union leaders at a summit and backs calls to publish the results of bank stress tests on a bank-by-bank basis, the source said.

"President Barroso is saying to the European Council (of EU leaders) he's confident in the overall resilience of the European banking industry," the source said.

"He wants disclosure of the results of the ongoing stress tests on a bank-by-bank basis and he wants the European Council to make a firm commitment on this."

He said this would help to remove "unfounded suspicion as well as dealing with possible cases that could face difficulties under the most adverse scenarios".

"The Commission has already shown that in case of need the EU state aid mechanism can be applied with sufficient flexibility to deal with such situations in a timely manner and provide legal clarity," the source said.