Bank supervisors and officials at the European Union want to publish the results to ease fears that another banking meltdown is on the way. A similar test carried out last year helped U.S. megabanks raise tens of billions of dollars of capital.

The goal is to end speculation that a bank collapse will add to the economic problems in Europe, which is already struggling with slow growth and massive debt.

"The European debt crisis is not over," said Principal Global Investors chief global economist Bob Baur. "Bank balance sheets are less transparent over there, so doing something to relieve investor worry is a top priority."

The tests will sketch out how banks might fare should Europe lapse into recession, with the understanding that those whose capital drops below a certain level will need to raise more money.