ECB Stress Tests Show Most Banks Healthy, Issues at Italy Banks

The European Banking Authority and the European Central Bank say of the 150 biggest banks in Europe, 13 failed the tests and need to raise $12 billion more in capital to put in reserve. The stress test, had to show that banks have enough capital to survive a crisis if Europe's economy stalled for a prolonged period of time. Mizuho International's Riccardo Barbieri says he was surprised the capital requirements were much larger but he did say the tests served to cement the idea of banking union in Europe. European banking regulators are set to take control of monitoring the health of the region's banks on November 4th. TheStreet's Ruben Ramirez has details from New York.