European banks as a whole are “grossly under-capitalized”

European banks as a whole are “grossly under-capitalized” in a region where governments are constrained by sovereign debt problems and faltering economic growth, said former U.K. Prime Minister Gordon Brown.
The current crisis is “a more serious problem” for Europe than the global credit meltdown of 2008 because three years ago governments were able to contain the problems with fiscal measures

http://www.bloomberg.com/news/2011-09-16/european-banks-grossly-under-capitalized-amid-debt-crisis-brown-says.html